The Chelsea winger was substituted at half-time during the 2-0 win over Oldham, and the Reds legend feels that the Nigeria international is now operating on borrowed time
The Reds legend - who scored 63 goals in 104 appearances for Liverpool - says he has been exceptionally disappointed with the efforts of the Nigerian, who is at the club on a season-long loan from Chelsea.
He labelled the 23-year-old's performance against Oldham Athletic in the FA Cup on Sunday as particularly poor and feels Moses is taking his Anfield stint for granted.
"Victor was handed a big opportunity when Brendan Rodgers brought him to Liverpool from Chelsea last summer," Aldridge wrote in his Liverpool Echo column.
"Not many players get the chance to go out on loan to a bigger club but I don't think he realises how lucky he is.
"The Nigeria international could have no complaints about being hauled off at half-time of Sunday's 2-0 win over Oldham.
"He looked completely disinterested in that opening 45 minutes and gave the manager little option.
"There was no desire, no spirit. Maybe he's lacking a bit of confidence or maybe he's just unhappy because he's played so little recently. He has let himself [down] at Liverpool."
Aldridge thinks Liverpool would have been better served keeping winger Oussama Assaidi - who they loaned out to Stoke City - instead of signing Moses.
And he also believes that Liverpool boss Brendan Rodgers should investigate the possibility of trying to cancel Moses' loan.
"Hindsight is a great thing but we would have been better off keeping Oussama Assaidi and not signing Moses," he added. "Assaidi has contributed a lot more for Stoke during his loan spell than Moses has for us.
"I don't know whether Chelsea would agree to take him back as they've got a big squad but it might be in everyone's best interests if the loan is cancelled.
"If Moses wants to stay at Liverpool until the end of the season then he needs to buck his ideas up. He's in a precarious position. He needs to realise that and start fighting for a shirt."