The former Reds boss was in charge of the side close to a decade before leaving in May 2024 in what was an emotional goodbye at Anfield where he welcomed in Arne Slot ahead of last season.
Klopp won every trophy available to the club, including a first league title for 30 years, in 2020, and the 2019 Champions League as he established himself as a club legend.
Would Klopp return?
The German has since taken up a position as Red Bull’s Head of Global Soccer but has been linked back to the side in recent months as pressure grows on Slot.
Speaking to Fruity King, Waddle believes that despite these rumours, Klopp may feel like he has accomplished everything available to him at Liverpool.
“I don't know if Jurgen Klopp wants to come back to Liverpool.
“He had a great time at Liverpool. He’s a great manager. Nobody can follow the CV he put together at Liverpool. It was fantastic. Everyone who talks about him as a manager, they all say what a great manager he was, and his stats show that.
“Going back to Liverpool, he knows what it’s all about, he's been there and he's done it. He's won everything. He's done what he's had to do. To come back out of retirement after that spell out of the game, he’s obviously busy with Red Bull, but he could look at Real Madrid as a new challenge.
“We know Real Madrid is going to be first or second in the league every year, and they've got a good chance in the Champions League most years, but if he can just add that little bit of spice to the mix with them winning the Champions League again, winning the Spanish league, then that's what they’d be bringing him in to do, and I wouldn’t put it past him doing that.
“His record is fantastic and I’m sure he’s had a lot of offers. He’s probably waiting for the right off, and I think Real Madrid is the sort of club he’s probably looking for as a new challenge, rather than going back to Liverpool.”
Xabi Alonso is a strong contender to become Liverpool’s next manager, with the Spaniard also a popular choice amongst the fanbase who are leaning towards wanting Slot sacked before the start of the new campaign.