Thomas Gravesen believes that Real Madrid should not sell team-mate Michael Owen, who has been strongly linked with a return to Liverpool.
Real have not confirmed that they would be prepared to sell the 25-year-old England striker.
But ex-Everton midfielder Gravesen told the Sunday Mirror: "I cannot think for the life of me why the club have decided to sell Michael Owen.
"He is a fantastic player and makes us a better team when he is in it."
Liverpool boss Rafael Benitez has so far denied making a bid for Owen.
But the Premiership club have been repeatedly linked with Owen, who appears to be surplus to requirements at Real.
The Spanish club have signed Brazilian duo Robinho and Julio Baptista over the summer - leaving Owen seemingly as fifth-choice striker, with Ronaldo and Raul also at the club.
Speculation about Owen returning to Anfield has been fuelled by reports that Liverpool forwards Milan Baros and Djibril Cisse may leave the club.
And one newspaper on Sunday suggested that Benitez will loan out Cisse to Marseille to make room for Owen, while another claimed Liverpool chairman David Moores will finance a move for the England striker from his own funds.
Baros is also expected to leave Liverpool before the transfer window closes on 1 September.
French club Lyon and Aston Villa have both shown an interest in the Czech Republic forward.
Liverpool received £8m and Antonio Nunez for Owen when they sold him last summer and Real are believed to want at least £10m for the striker.