Dalglish, who had his contract terminated on Wednesday after the club's worst Premier League finish for almost 20 years, was part of the great Liverpool sides of the 1970s and 80s.
He then turned his hand to taking charge with similar sprinklings of gold dust. Hailed as "King Kenny" on Merseyside, his achievements as goalscorer and manager will never be understated.
Dalglish, as part of the Liverpool fabric as the city's iconic Royal Liver building or the murky Mersey river, paid the price for a season of under-achievement in the league, their eighth-place finish deemed a huge disappointment by the club's American owners.
"We are committed to delivering success for our supporters and our ambition remains resolute to return this great club to the elite of England and Europe, where it belongs," Liverpool chairman Tom Werner said in a statement.
Principal owner John Henry added: "Our job now is to identify and recruit the right person to take this club forward and build on the strong foundations put in place during the last 18 months."
Dalglish's return in early 2011, ending the brief tenure of Roy Hodgson, was greeted with huge optimism by fans who months earlier had also welcomed new owners following the takeover by U.S. businessman John W Henry's Fenway Sports Group in October 2010.
Uruguayan Suarez has mixed good with bad, his race row with Manchester United's Patrice Evra this season casting the club in a bad light and forcing the owners to intervene as Dalglish's staunch support of his player backfired.
