The midfielder says the Uruguayan fully deserves to be in the running for the prestigious accolade, describing the forward as "one of the top four or five players in the world"
The Uruguayan currently sits alongside team-mate Daniel Sturridge and Sergio Aguero at the top of the Premier League scoring charts, with eight strikes to his name - even though he missed the first five games of the season through suspension.
The ban Suarez received for biting Branislav Ivanovic at the tail end of last season could count against him, as Fifa take conduct on and off the pitch into account, but Gerrard feels his team-mate's talent is undeniable.
"I voted for him in my top three," the 33-year-old midfielder told reporters.
"I think everyone knows how much I rate him, I think we are very lucky to have him and we have to enjoy him while he's here.
"For me he is one of the top four or five players in the world, for sure."
Gerrard, who was able to cast a vote as captain of England, admits he was unsure if he could vote for the forward.
He explained: "I asked if the rules can be that you can vote for one of your own players and they gave me the green light so he got one of my votes."
The winner of the Ballon d’Or will be announced on 13 January, 2014, in a ceremony held in Zurich, Switzerland.