Dalglish was sacked as boss 17 months ago and replaced by Rodgers, who has guided the club to second in the Barclays Premier League table after their opening six games of the season.
The 62-year-old is now back with a role on the board and Nicol, who played alongside and was managed by his fellow Scot during a 13-year spell at Anfield, believes that can only benefit the manager.
"I think Kenny is a guy who, all he wants to do is help Liverpool and that means if he helps Brendan Rodgers in any way possible, whether it's scouting, whether it's a little bit of advice, I don't think Kenny will have a problem with it whatsoever.
"And if I'm Brendan Rodgers, I think I'm pretty happy that I've got a guy to lean on with the experience and the knowledge that Kenny has."
He added: "I think he probably was a little miffed that he was relieved of his duties but time's a great healer.
"Kenny's heart has always been with Liverpool.
"He's called a non-executive, there's no way Kenny is going back unless he has a say. I think that's good for Liverpool and it's a smart move."
Rodgers has immersed himself in the club's history since taking over and has regularly spoken about delving into the club's rich past in an attempt to improve their future fortunes.