The former Reds midfielder believes that the club should keep faith with Suarez despite his latest indiscretion, as selling him could hinder their prospects in the Champions League next season.
Molby is quoted as saying by the Daily Star: "That could have a big impact on their ability to progress but Liverpool must be pragmatic.
"For the reward of Champions League football they will, for the time being, put up with his baggage. There is no-one out there who can replace him."
Suarez has been linked with a £40m move to Barcelona following his latest scandal.