The Uruguay forward has excelled on Merseyside since his move from Ajax in 2011 but he has yet to play for the Reds in Europe's elite competition.
However, the 26-year-old has revealed that he is "very happy" at Liverpool and that his future is not dependant on his club finishing in the top four in the Premier League.
Suarez told the Daily Mail: "I will wait until the end of the season and see how we are doing.
"We won't know until then how we are doing and what our position is so I am prepared to wait until that time.
"But I want to say now that, if you want to know what will happen to me if we don't qualify for the Champions League, then I will say this - I have a contract with Liverpool and I am very happy here. I will stay."
Liverpool are currently sitting in seventh place in the Premier League table.