Gerrard has called for Liverpool to fight for fourth and ensure that Suarez does not seek Champions League football elsewhere in the summer.
He told reporters: "Hopefully, we can put a fight on for him between now and the end of the season to finish fourth and we make a decision for him.
"Only he knows what his ambitions and dreams are. Luis deserves to be in the Champions League, everyone has to admit that. Outside of Lionel Messi and Cristiano Ronaldo I'll argue he's as good as anyone else.
"He's probably the best player I've played with and I've played with some top players in my career."
Brendan Rodgers's side currently are nine points adrift of fourth spot ahead of their next league match against Arsenal at the Emirates.