The striker appeared to bite Italian defender Giorgio Chiellini in the second half of the match, and has until 9pm tonight to provide evidence to FIFA's disciplinary panel.
Taylor told BBC Radio 5 live: "He's their finest and most valuable player. There's already been talk of the richest clubs in the world wanting him.
"He does have a big value. I would imagine Brendan Rodgers would want to keep him. It's something that he and his current club are going to have to deal with and can't ignore.
"If we can get him back on track, he's a top-class player and brings a lot to the game. If Liverpool could make sure that that side of his nature was eradicated that would be good for him, Liverpool and the game here."
Suarez has previously served two bans for biting opponents.