The summer signing has been used in several positions by Jürgen Klopp since joining the club from Stoke City, including a berth behind the front three.
He has made a fine start to life at Anfield, too, with the calm volley against Fulham last weekend his fifth goal contribution in his last six Reds appearances.
McManaman is a fan of the Switzerland international and believes his ability to conjure chances from deep provides Klopp’s side with greater cutting edge.
“He has that little bit of creativity in there, if the front three are not firing or are just off their game. Shaqiri as a midfielder does offer you something a little bit special,” said the former Liverpool winger.
“And he has played really well of late. He has only been at Liverpool for three or four months. The games I have seen him of late, he has had a really big impact.”
The 2-0 win over Fulham before the international break extended Liverpool’s unbeaten run since the start of the Premier League season to 12 matches.
Only Manchester City can better their total of 30 points and, regarding the race at the top, McManaman agreed with the policy expressed by the Reds’ players of focusing on themselves.
“Like most people, I’ve been very impressed – very impressed with the summer dealings and very impressed with how they have started the season,” added the 46-year-old.
“Bar a couple of iffy performances in the Champions League, which we hope they will rectify in the next couple of games, they are doing really well.
“All you can do is worry about what you do in a Liverpool shirt; if you win every single game from now until the end of the season you’ll probably win the league. We know it’s not as easy as that.
“As long as you play your best, try hard and work hard, the fans appreciate that.”