The Reds skipper feels that the Uruguayan striker narrowly edges out Fernando Torres as the finest footballer Gerrard has teamed with, and claims that Suarez's form will be crucial to their hopes of a top-four finish this season.
"The only player who comes close to producing what Luis produced in a red shirt is Fernando Torres... but Luis just pipped him for me," Gerrard told ESPN.
"He is the key. His goals, his performance and his form will be the key whether we finish in the top four or not.
"I think he is happy. I think he is pleased with the decision he has made to stay around. He is in good form. The team are playing well so I think January won't be a problem. But come the summer, I think depending how Liverpool have done will determine what goes through [his] mind."
Suarez has scored six goals in five appearances this season for the Reds.