Walters made the move south of the border to Liverpool in the summer of 1991, following a successful four-year spell at Ibrox, where he won three league titles and flourished under Graeme Souness.
The ex-winger’s stint at Anfield saw him add the 1992 FA Cup and 1995 League Cup to his trophy cabinet, however he struggled to make a big impact.
Reflecting on his career, Walters has admitted he regrets making the switch from Rangers to Liverpool as he had to watch his team-mates battling it out on the pitch for the Reds, rather than earn the trophies himself as he did in Glasgow.
Walters revealed Rangers offered him a better contract to keep him at Ibrox, but he chose to leave to work with a great manager in Souness, which he feels was a stupid thing to do.
“With hindsight, I shouldn’t have left Rangers”, Walters told the Press Association.
“I had literally 24 hours to make my mind up.
“I had the situation with the three-foreigner rule going on in my head.
“I didn’t want the fact I’d be classed as a foreign player to be the reason for why I’d be left out for big games in Europe.
“Rangers offered me more money, more everything but with hindsight leaving was a stupid thing to do.
“At the time I thought it was right as I was getting the chance to carry on working with a fantastic manager in Graeme Souness.
“I was winning one or two trophies a year at Ibrox but after that I only got two more winners’ medals for finals I never played in, so it is something I regret.”
Walters was shipped off on loan spells to Stoke City and Wolverhampton Wanderers during his time at Liverpool, after which he played for Southampton, Swindon Town and Bristol Rovers, finally retiring in 2002.