Former Reds star Fowler says Roy Hodgson's men must ensure they qualify for the Champions League - or risk their star striker quitting the club.
Fowler, who now plays in Australia for Perth Glory, said: "I could see Fernando leaving.
"With Fernando, he has stated he wants to play Champions League football. He wants to play at a higher level and he has obviously missed out this year.
"If Liverpool were to fail again next year then I think they will struggle to keep him.
"He is a fantastic player. He had a tough start to the season and missed a lot of pre-season action.
"He has looked good and sharp and has been scoring some great goals and let's hope that continues."