The Uruguay international striker has been linked with a summer departure from Liverpool following his 10-match ban for biting Chelsea defender Branislav Ivanovic during a league game between the two sides at Anfield last month.
"The noises coming out of Anfield are that they're going to try to stand by him, but the pressure Suarez and his family have come under might just persuade him to ply his trade somewhere else," McAllister told Goal.com.
"That would be a crying shame. The Premier League over the past two or three years has lost quite a few high-profile players to Europe, and we have to try to keep all our top talent in England.
"It would be sad for the Premier League if we did lose him. He's such a wonderful player, but what he did you can't excuse."
Suarez joined Liverpool from Ajax in January 2011.