The Spain World Cup winner remains a firm favourite with the Kop two years after leaving Merseyside to join La Liga giants Real Madrid.
And the 29-year-old told Liverpool's in-house TV station LFC TV that he would jump at the chance to return to the Reds one day, revealing that he will always hold the Barclays Premier League club close to his heart.
Red alert: Xabi Alonso admits he misses life at Liverpool and would love to return to Anfield one day
'I think that in football so many things change,' said Alonso.
'I have my red passion and if circumstances arrived then why not?
'At the moment I don't know what is going to happen, but it could be a possibility. Never say never.'
Alonso, who was signed for Liverpool by former boss Rafa Benitez for ?10.5million from Real Sociedad in 2004, was full of praise for the club's new managerial regime of Kenny Dalglish and assistant Steve Clarke.
The holding midfielder, who memorably helped inspire Liverpool to Champions League glory against AC Milan in Istanbul six years ago,
I had the chance to know Kenny a little bit. King Kenny is the biggest legend, so it was like you wanted to write it. It was perfect.
Silver lining: Alonso fired Liverpool to a famous Champions League win over AC Milan
'At the beginning of the season I was feeling for the players because you could see things were not going very well and confidence was low at that moment.
'But things changed, the club settled down with new ownership. With Kenny's arrival the belief and the confidence of the team looks much better. I'm really pleased with what he and Steve Clarke have done.
'I am looking forward to next season. It looks like it can be a good season.'
Pain in Spain: Alonso is desperate to help Real Madrid dethrone Barcelona as the kings of Spain and Europe next term
While he would relish a return to Anfield one day - the star saying his three-year-old son Jon is a 'Scouser' and will be raised as a Liverpool supporter - Alonso is a key part of Jose Mourinho's squad at the Bernabeu and insisted he is happy with life at Madrid, with whom he intends to dethrone Barcelona as kings of Spain and Europe next term.
'I am happy here. It's a big club, we havea great manager and a good team,' he added.
'We are challenging for big things and you want to be at a professional club. So far we are fighting against a great team like Barcelona, they are making it more difficult to win La Liga, for example, but that makes it a greater challenge than it already was.
National service: Alonso helped Spain to a 4-0 win over USA in Massachusetts at the weekend
'I want La Liga because that's the only trophy I don't have and is the one I am missing. I missed it in Liverpool and hopefully I will be able to make it in Madrid.
'The Champions League is obviously the Champions League, but I want La Liga.'
Beating Barcelona to honours next year is at the top of Alonso's agenda but he conceded that he misses life at Liverpool.
He said: 'I miss lots of things. I miss the lads, I miss the atmosphere at Melwood - it was a great place to work, and the scenario of Anfield is unbeatable.
'The special nights I have been privileged enough to live, those will be in my memory forever and they are difficult to compare anywhere in the world.
Friends forever: Alonso revealed he remains very good friends with Steven Gerrard and Jamie Carragher
'Stevie (Gerrard) and Carra (Jamie Carragher) are very good friends. They were good team-mates because fromthe first day I felt I got on with them well.
'The importance they had in the changing room, it was very important for me to have a good relationship with them.
'Being from Liverpool, knowing how things were atthat moment and winning the Champions League in the first year made therelationship stronger. That is why they are still very good friends.
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Explore more:People: Jamie Carragher, Xabi Alonso, Rafa Benitez, Kenny Dalglish, Jose Mourinho Places: Madrid, Barcelona, Istanbul, Liverpool, Spain, Europe