The first player on Nicol’s shortlist is striker Daniel Sturridge.
Sturridge has been ravaged by injuries ever since Liverpool went so close to winning the title in 2014.
He spent the second half of last season on-loan at West Brom but made just six appearances for the Baggies.
And Nicol says it is time for the 28-year-old to leave permanently, as long as another club would pay his hefty wages.
“I’ve been saying for two years that Daniel Sturridge should go,” Nicol told ESPN FC.
“So no surprise, Daniel Sturridge should go. But he isn’t going anywhere by the way, no chance.
“The money he’s on, nobody’s buying him.”
Nicol reckons Danny Ings, another striker who has been seriously hampered by injuries, should also seek pastures new.
“Danny should go,” he added.
“At the end of the day in my opinion, Danny’s a good Premier League player. Danny’s not a top-four striker in the Premier League in my opinion.
“He won’t play, so he needs to go as well.”
The final player Nicol would like to see leave is goalkeeper Loris Karius, who had a nightmare Champions League final against Real Madrid back in May.
Nicol concluded: “You need a backup that you know can step between the pipes for a couple of games and make some saves.
“It can’t be Karius because not only would the fans have his mistakes from last year on their mind, he’ll have them as well. So Karius has to go for his own good.”