If he wants to go and play more football then I'm cool with it. He's given us great service and is worthy of being remembered as an LFC Legend. I don't see him going to a massive rival of ours, and honestly I think he'd be better going to a mid-table team where he can play every week and then rest on European nights, but I expect he'll still want to play as near the top level as he can.
But honestly, if he can deal with being back up, I'd much rather he stayed, for the off-field influence as much as being a safe pair of hands when needed.