Amir, 19, was released from a British prison on Wednesday after serving half of his six-month sentence for his part in the scandal during the Lord's Test between Pakistan and England in August 2010.
His teammates, Salman Butt and Mohammad Asif are still in jail serving 30-month and 12-month sentences respectively handed down by a UK court in November last year.
All three were found guilty of corruption and receiving illegal money.
The International Cricket Council (ICC) also banned the trio for violating players' code of conduct, with Amir receiving the minimum five year punishment.
But Waqar, coach of the team at the time of the scandal, said ways to cut Amir's ban should be considered given his age, talent and admission of guilt.
"I am not saying that he is an angel," Waqar told reporters. "But if the ban reduction can be considered then they should do that, every law gives margin after someone completes his punishment."
Family members said Amir will appeal the ICC ban in the Switzerland-based Court for Arbitration for Sports but experts believe he is unlikely to be successful after pleading guilty before the UK court.
Waqar said Amir should undergo rehabilitation.
"We must have sympathy with him because he is so young. His talent is missed by not only by me but also by the Pakistan team," he said.
"I don't know whether he would be able to play or not, whether the people of Pakistan will accept him or not... we accept that the incident happened and Pakistan's name was tainted but I think other players will also learn from this," said Waqar.
The former fast-bowler advised the talented youngster to maintain his "hunger" for the game while he awaits a verdict on his ban.
"Imran Khan said that he was better than Wasim Akram when he was 19," said Waqar, referring to his former new-ball partner Wasim. "There was something special in him. He was very hungry for wickets and lethal."
COMMENTS (4)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
It is hard to say that he must not be given another chance; but greater good dictates "done and dusted!" Shouldn't be allowed, so that another 19 year will not repeat it! That's how the justice department works! :,( sad but effective!
He is young. He was misdirected by his elders. I say give him another chance, but first he must make a public apology.
He should be given a chance again, he got what he deserved