The 24-year-old was loaned out to West Ham United for the season, but recent reports have claimed that the Merseyside outfit are willing to offload the striker in a swap deal with Newcastle United's Hatem Ben Arfa.
Despite rumours of a permanent exit from Anfield, Molby thinks that the forward could be a vital "asset" from the bench at Liverpool.
"It looks as though Andy Carroll's Liverpool career is over, and whilst I understand the decision made by Brendan Rodgers, I can't help thinking the big man may be worth another chance at Anfield," Molby wrote in the Liverpool Echo.
"I can appreciate that Brendan has his way of playing, and I support his philosophy. But when it comes down to the last 20 minutes, and you need a goal, then to have a player like Andy Carroll to throw into the mix is a real asset."
Meanwhile, Rodgers has played down suggestions of a possible exchange deal with Newcastle.