"The rule of super sub can be made more attractive by allowing teams to use a replacement from the squad of 14 at any stage of the game rather than naming a super sub" before the toss, Manjrekar told AFP on Monday.
The International Cricket Council (ICC) introduced soccer-style replacements in May this year, which allows sides to replace a player at any stage of a One-day international.
The replaced player will be ruled out of the rest of the match while the replacement will be entitled to assume any remaining batting or bowling duties.
But the rule has come under criticism as a substitute has to be named before the toss, making it more favourable for the team winning the toss.
Australian captain Ricky Ponting said he would like the rule to be scrapped in its current form, while South African captain Graeme Smith and Pakistan coach Bob Woolmer called for its review.
The rule has also been in the spotlight during Pakistan's ongoing One-day series against England.
The tourists made full use of the super-sub by having paceman Liam Plunkett who came into the side for batsman Kevin Pietersen and took 3-51 on his debut to lead England's 42-run win in the first match on Saturday.
Pietersen had earlier hit a 39-ball 56 after England won the toss and chose to bat first.
Pakistan captain Inzamam-ul Haq, who confessed he had little experience of using the rule, could not use his sub, spinner Arshad Khan, after losing the toss.
ICC, however, justified the rule saying it will remain on trial until March next year.
Manjrekar, now a cricket commentator, said the minor change could have an advantage in two ways.
"The minor change of allowing a substitute from 14 can avert the argument that the team winning the toss benefits from the rule, and second all teams will select their best 14 players," said Manjrekar, who played 37 Tests and 74 One-dayers for India between 1987 and 1996.
Manjrekar said he would send his suggestion in writing to the ICC cricket committee headed by his countryman Sunil Gavaskar.
The committee, which also includes former players from various countries, suggests rule changes to the ICC.