The 29-year-old Spain international says he still has the 'red passion' and although he is happy at the Bernabeu, he will not dismiss a return to Anfield before his career is over
Alonso became a hit with the Kop faithful during the five years he spent on Merseyside, forming a crucial part of the side which won the 2005 Champions League final in Istanbul in sensational fashion and challenged Manchester United for the Premier League title in 2009.
But after a deterioration in his relationship with manager Rafa Benitez, the Spain international reluctantly left Anfield for Real Madrid in a £30 million move in the summer of 2009, but he is still held in high esteem by many Liverpool fans.
When asked by LFC TV if he would ever consider returning to his former club, Alonso said: "Why not? I think that in football so many things change, and why not? 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."
The Spanish World Cup winner went on to describe how hard he found it to leave Liverpool, and revealed he still has special memories of his time at the club.
"It was difficult because Liverpool has been and always will be very special," he added. "It is in my heart because I have lived very intense things there.
"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."
Despite now being focused on achieving success with Real Madrid, Alonso still takes an active interest in developments at Anfield, and he is impressed with the club's revival under Kenny Dalglish.
"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," he said.
"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 am looking forward to next season. It looks like it can be a good season."