The Merseyside outfit are weighing up whether to sell the veteran centre-back, who has been linked with AC Milan.
"I think he is a player that benefited with [Virgil] van Dijk's arrival," Mellor told American Gambler.
"Whoever has partnered Van Dijk, Lovren being one of them, they have all looked great playing alongside him.
"I know that he has found himself out of the team because of how well [Joel] Matip has played in the second half of the season.
"As a third or fourth choice centre-back, I don't think Liverpool should be in a hurry to get rid of him because of the cover that he provides in that position."