Spaniard Alonso, who leads Red Bull's Mark Webber [ Images ] by 11 points with two races remaining, won controversially in Germany [ Images ] in July after Ferrari ordered Brazilian team mate Felipe Massa [ Images ] to let him pass while leading.
Ferrari were subsequently fined $100,000 for the use of banned 'team orders' but suffered no loss of points.
"I did feel at the very least that the extra points that Alonso got by overtaking Massa under team orders should have been taken away," Mosley told BBC radio.
"That's the absolute minimum, because if by any chance Alonso were to win the championship with a margin less than the seven points that he picked up, I would say illegitimately in Hockenheim, it would devalue the championship.
"But that's just a personal view."
The Briton also poured cold water on speculation that he was considering a comeback.
"I think my Formula One days are finished and I've moved on to other things now," he said. "Obviously I'm watching it with interest but one should never go back."
"COMPLETELY A RUMOUR"
Mosley, who survived calls for his resignation over a sado-masochistic sex scandal, handed over the presidency of the International Automobile Federation (FIA) to former Ferrari boss Jean Todt last October.
There has been some internet speculation that the relationship with Frenchman Todt has become frayed to the point where Mosley might seek to return.
Formula One's commercial supremo Bernie Ecclestone [ Images ], who marked his 80th birthday on Thursday, had suggested at last weekend's South Korean Grand Prix [ Images ] that Mosley could share responsibilities with Todt at the FIA.
"I didn't want Max to go and it would be nice to have him back," said Ecclestone, who recalled how the sport used to be divided between the FIA and FISA, with the latter in charge of the sporting side.
"It's completely a rumour," Mosley said of the talk, adding that he did not miss the sport. "I follow it (Formula One) vaguely at a distance. I'm really now just an ordinary fan."
"The fact is that Jean has taken over and I pushed very strongly for Jean...and I think Jean will get the job done and I want him to succeed because I am responsible really for him being there," said Mosley.
"The last thing really I would want to do is interfere with what he is doing now.
"He must be given a chance to get on and run it in his own particular way...it's a nice idea, it's very friendly of Bernie to say 'come back' but the truth of the matter is that it would not be the right thing for me to do."