The Uruguayan, who has been no stranger to controversy since his move to Anfield from Ajax in 2011, is in contention for the accolade, along with Tottenham Hotspur's Gareth Bale and Manchester United hitman Robin van Persie.
"World class - we might say it too often, but the man is a magician and wonderful to watch," Redknapp wrote in his Daily Mail column.
"He scores goals, wins penalties, chases lost causes and drives his team forward. Gareth Bale has been brilliant but it will be a travesty if Suarez isn't chosen footballer of the year by journalists and players."
The 26-year-old has netted 29 goals so far this season.