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The Wales legend hit 100 goals in 193 games for Cardiff City and was then snapped up by Liverpool for £110,000.
Cardiff owner Sam Hammam this week reaffirmed his intention to keep the Bluebirds' prolific marksman Earnie.
But Toshack said it is just a matter of time before the big teams come calling, and he would be among the suitors were he currently coaching.
"I would certainly look at him, just look at his goals record," said Toshack.
"People will have doubts about him but that's because there is a general lack of responsibility in the game these days.
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