Shaqiri was a bit-part player for Liverpool last season and has played just eight minutes of Premier League football in the calendar year.
Even when the league was won, the Swiss winger did not get his chances and was an unused substitute in three of Liverpool’s last four league games.
Liverpool are open to offers for the 28-year-old, but the Reds are yet to receive a concrete bid and it is still unclear whether Shaqiri himself wants to leave.
Henchoz admits that taking the decision to leave the champions of England could be tough to do, especially as Shaqiri would likely need to take a step down.
However, the former Swiss star believes Shaqiri must consider next summer’s European Championship when he decides what to do.
Henchoz told Swiss daily Blick: “The difficulty is that if you are at a top club, Champions League winners and English champions, and if you leave them at his age, you may never get back to that level.
“Sure, maybe a club like Roma or Sevilla will come, but Bayern, Real or Juventus are surely not going to come.
“But if you take a step backwards, it is almost a done deal. That is why it is a difficult choice.
“And he has to ask himself if he would like to play in the European Championship.
“When he has had two seasons with almost no appearances, Vladimir Petkovic cannot actually bet on him.”
Liverpool open their Premier League campaign on Saturday against Leeds, but the transfer window remains open until 5th October, giving Shaqiri time to move on.