Fekir was close to joining Liverpool from Lyon earlier this summer.
The attacking midfielder even had his pictures taken in a Reds shirt but the deal fell through at the medical stage.
Liverpool boss Jurgen Klopp has revealed he is happy at the additions he has made and is not planning to make any more.
But Pires believes Fekir would be a good piece of business if the opportunity arose again.
“Fekir would be a good fit for the Premier League and a great signing for Liverpool,” he told bwin.
“I don’t know why the deal broke down at the medical earlier this summer, but Fekir is a great player and would be a good signing for Liverpool.”
Meanwhile, RMC Sport pundit Jonatan MacHardy claims Fekir does not need to join Liverpool and should remain at Lyon.
“Nabil Fekir has all the interest to stay in Lyon and will play the Champions League,” MacHardy told After Foot RMC.
“He’s coming out of a bad injury. We are football fans and we love to see Nabil play.
“It’s a pleasure to see him playing at home. I hope he will stay.”
Fekir has made 115 Ligue 1 appearances for Lyon, scoring 45 goals.