The France international found himself out of favour under Jurgen Klopp last term after the Liverpool boss dropped the centre-half to the Under-21 team.
Sakho moved to Crystal Palace on loan back in January and the French defender impressed as he helped the Eagles remain in the Premier League.
Liverpool have been linked with a move to sign Southampton defender Virgil van Dijk in recent weeks, although the Reds have since ended their interest in the Netherlands international.
The 18-time English champions are thought to be targeting Burnley and England defender Michael Keane in the 2017 summer transfer window.
Former Liverpool defender Nicol doesn’t believe Sakho has a future in Klopp’s side despite their lack of success in the transfer market so far.
“There is a chance Sakho ends up back there,” Nicol told ESPN FC.
“If they don’t make any signings, they’re going to have to keep him. If you think Sakho is Liverpool’s saviour, you’re in trouble.”
The France international moved to Liverpool in the 2013 summer transfer window from Ligue 1 giants Paris Saint-Germain.
Sakho was a key part of the Liverpool side that finished as Premier League runners-up in the 2013-14 season.
Liverpool finished in fourth place in the Premier League table last term to secure a return to the Champions League.
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