The Uruguay international has scored 17 league goals so far this season, despite the Reds' suffering from inconsistency which has left them seven points short of fourth place.
But, two years on from his arrival on Merseyside from Ajax, the club's No.7 has insisted he will not leave even if an unlikely late battle for fourth is not sustained.
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"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 captain Steven Gerrard recently described the 26-year-old as the best forward he has ever played alongside, and the striker was full of praise in return.
"I get goose pimples when I hear he said that," he added. "In my country, we call it Carne de Gallina. Like the skin of a chicken. That's how I feel.
"Gerrard is such a good player and what he said about me I will never forget. It's unbelievable. He has such a good record over many years in the English game and is a great example to all the players here, especially to me.
"We all respect him. He has won almost everything and if anything goes wrong on the pitch he never tells the players off. He just speaks to them afterwards and when he speaks to them you can take it as a fact that he is right. He is just trying to help people.
"Steven has also said things to me in private that I will never forget, about things that have happened and things that I can do here. These are conversations that players have. People don't hear them but they are so important. They make a difference to a person like me, to my career and my life.
"The ones we had are private but say everything about him. Steven has given me motivation to carry on and do well with what he has said. He has helped me hugely."