McParland paid tribute to the Scotsman as Brendan Rodgers' side prepare for a weekend trip to the north east to face another club Dalglish previously managed, Newcastle.
"I know everyone at the club is delighted to have him back," said McParland. "He's got so much experience and such a massive heart for the club - I think every supporter of Liverpool is delighted.
"He's an absolute legend for our club. Even though he stopped playing for our club everybody knows him so it's fantastic to have him back."
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