The fullback is under huge pressure after an error-ridden performance in their 3-3 draw at Champions League opponents Sevilla this week.
Bellamy believes axing Moreno this weekend could signal the end of his Reds career.
He told Paddy Power: “Alberto Moreno has always made mistakes and everyone, including myself, has questioned his defensive ability.
“He’s certainly never convinced me that he’s sound enough back there.
“To be fair to him, he’s started well this year, but Tuesday was a bad day for him – it was like the old Moreno of the last few years.
“That was disappointing for him because, when it happens, people’s minds immediately go back to the last few years when he was constantly making errors. Unfortunately for him, he took a big step backwards on Tuesday.
“If Klopp drops him for the Chelsea game, it could finish him – it would mean that he’s lost a lot of faith in him.”