The Reds coach insists the competition is one they want to win despite it being disregarded by many.
The Reds kick off their continental campaign with a trip to Bordeaux on Thursday having qualified for the tournament with their sixth placed finish last season.
They were also in the competition in 2014/15, eventually getting knocked out by Besiktas, with manager Brendan Rodgers often choosing somewhat weakened sides as he looked to chase down a top four finish in the Premier League.
That has led many to suggest that they aren’t interested in the competition as a collective, but McAllister says that is not the case.
“I'm sure it's something the manager and everybody here, all of the players, want to do well in,” he told liverpoolfc.com.
“It's a long run, it's a lot of games, I'm not so sure if I'm a fan of the structure of the Europa League, but once you get to the nitty gritty of the last eight it's obviously a competition worth winning and Liverpool have got a history of winning it.”
"It's very important as far as I'm concerned"
On a personal level, McAllister has fond memories of the competition having been part of Liverpool’s famous treble winning squad in 2001.
Indeed, he played a vital role as they secured the trophy, then named the UEFA Cup, with his free-kick forcing the Golden Goal that saw Gerard Houllier’s side run out as champions.
And he says that he regards the competition as important, as he associates Liverpool with success in Europe.
“Having experienced it as the UEFA Cup, it's very important as far I'm concerned,” he added.
“My generation of player, I associate Liverpool with success in Europe, whether it be in the old UEFA Cup, the old European Cup – or Champions League and Europa League. My take on it is that we want to go as far as we possibly can.”