Manchester United forward Rooney and Liverpool striker Suarez are keen on moves away from Old Trafford and Anfield respectively, with Reds managerBrendan Rodgers to accusing the Uruguayan of being disrespectful to the club.
Mackay, who on a smaller scale had to deal with a transfer request from winger Craig Conway last season, agrees with the Northern Irishman's assessment.
"I had a player last year who put a transfer request in and he ended up staying and scoring the goal that won us the Championship title," he said.
"Every individual and case is different, but I think there needs to be a transparency there, an openness between yourself and the player and a conversation as to where you both see his future.
"But every situation is different and the higher the profile of the player the situation can be dictated slightly by him.
"But at the end of the day if you sign a contract with a football club you are under obligation. Nobody forces you to sign it and at the time most players are delighted to sign because of the financial obligations.
"You should respect and honour the football club for giving you that. There are situations where chairmen and owners back managers financially to give players that contract and their right is to keep that player under that contract."