Kennedy, who played alongside Dalglish in the all-conquering side of the 'eighties, acknowledges the Scot set the standard for any striker.
But he told the Mirror: "Luis and Kenny are both amazing talents and very similar in many ways, and although it is very difficult to choose between them, I would still possibly slightly favour Kenny.
"But there is no doubting what Suarez is bringing to Liverpool and his influence on the team could probably be even more important that Kenny's.
"Kenny came into an already fabulous team and helped it win many more trophies. Luis has come into a team that is still developing and hasn't been used to winning trophies.
"If Luis can continue playing and scoring goals the way he has done this season and help win trophies, then his place in Liverpool's history will be assured.
"He has come into this season as if he was determined to make up for missing the first five games. He's got such great belief in himself and his goals have been phenomenal.
"His finishing and the variety of his goals remind me so much of Kenny. So does his intelligence. He's always two or three moves ahead. Both of them show that ability to make something out of nothing.
"It will always be King Kenny for the Kop, but the fans are adoring Luis in just the same way and obviously the title has to be the ultimate goal."
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