Speaking to Radio Five Live, Dalglish believed Hodgson’s summer captures of Joe Cole, Jonjo Shelvey and Danny Wilson would convince the striker to stay.
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"When Fernando Torres sees that and talks with Roy, I'm sure he'll give us good news," Dalglish said.
"I hope Torres stays. Only Fernando knows what he is going to do. Unfortunately for him he is injured, but he is a fantastic player and is very happy around the club and the city," he added.
"The fact that Steven Gerrard is staying will be a great help and players like Joe Cole, Milan Jovanovic, Jonjo Shelvey and Danny Wilson means there is buying for present and the future."
A former manager of Liverpool, Dalglish spent last season at Anfield in an ambassadorial role, as well as overseeing the club’s academy.
The Scotsman, who made more than 300 appearances for the Anfield club, has now left that role and has opened the door on a possible return to management elsewhere.
"Sometimes you miss the buzz of competing at the top level, but you don't miss it when you lose a game because it can be very lonely.
"When Rafa went I offered to help in any way I could. There was a list made up and Christian Purslow and I spoke to a few people.
"I said I would help in any way I possibly could for Liverpool and I would have been prepared to be the manager if they wanted that. But they didn't want that to happen which is their prerogative and that is no problem for me.”
Dalglish does see a bright future for Liverpool under Roy Hodgson’s stewardship, though, and believes that once the difficulty surrounding the fall-out from the summer’s World Cup is out of the way, Liverpool can prosper once more.
"Roy is going to stamp his own authority on the club. It is difficult at the moment because the players are coming back in dribs and drabs after the World Cup, and when you don't have everyone coming back together it is difficult."
By Mark Booth
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