The World Cup winner is said to be unhappy at the lack of investment in the playing squad and some bookmakers have suspended betting on him joining Chelsea.
New Kop boss Roy Hodgson has been rocked by the news that but Aldridge, who scored 63 goals in 104 games for Liverpool, says the Spain striker has to stick around.
"With Mascherano going it's fair to say you can sustain that but with Fernando Torres as well. well it's already a massive job for Roy Hodgson as it stands, but to lose the two of them would be devastating," he told Sky Sports News.
"Personally, I think Torres owes Liverpool 12 months. He came from Athletico Madrid, we have put him on a higher pedestal. Over the past couple of years with all those goals he has scored, he has been terrific; but I just think he owes us another 12 months to help get the club back on track.
"He is massive for the club. He is creative, his goalscoring ratio is phenomenal. He still has four years left on his contract so at the end of the day Roy Hodgson could demand he stays for another 12 months; but of course, players are very, very powerful these days."
Mascherano is said to have told Hodgson he wants to leave Anfield, with former boss Rafa Benitez and Inter said to be leading the chase.
And while he believes Torres leaving would be a disaster, Aldridge believes it will not be too hard to replace the defensive midfielder, who has scored just two goals in 138 appearances - providing Hodgson is given the money to do so.
"I think if Mascherano does go, as long as the money is injected back to Roy then there's no problem," he said. "The more creative players are a must to have, destructive players like Mascherano you can replace fairly easily.
"You can fish that type of player out. But the problem Liverpool have with Javier is that he's got two years left on his contract at the moment and reports suggest that Rafa Benitez has been interested in him - ironically he said he wouldn't sell him for £50million this time last year so it will be interesting to see what money we're talking about - and if they keep him for another year he would be worth half the money he is now.
"I talk to a lot of Liverpool fans and they have resigned themselves to losing him over a week ago. He's not been saying the right things for the last 12 months and now he has thrown in the wildcard about his wife not being happy in the area.
"That's a sure sign, so I think everyone is resigned that Javier wants to go. But the fact is we need to be assured by Torres."