The Liverpool skipper has hailed the striker's form this season and has claimed that he would be the "best player ever not to win" if he fails to be recognised at the season's end
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However, despite his match-winning displays, some believe Suarez's past controversies - including an eight-game ban for racially abusing Patrice Evra - will see him miss out in favour of Tottenham star Gareth Bale and Manchester United striker Robin van Persie.
"He's been doing that for us all season," Gerrard told the club's official website.
"Before the last deadline, we never got that centre-forward in and he's almost carried this team on his own. At times he was the only centre-forward we had.
"He's top scorer in the league now and he's been incredible. I can't put into words how good he's been.
"If he doesn't win an award this year, he'll be the best player ever not to win an award."
After his smart first-half finish gave Liverpool the lead at Anfield there was further evidence of Suarez's contentious on-pitch manner throughout the win over Spurs, with the striker involved in an ongoing spat with Mousa Dembele that resulted in an altercation between the two at the final whistle.
However, Liverpool assistant Colin Pascoe believes the Uruguay star's temperament has improved, while hailing him as one of the best in his position in the game.
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"The way he plays, his goals, his record - his name should be next to the best players in the world.
"I said a couple of months ago he is one of the best strikers in the Premier League and with the way he has been performing, he deserves to be a favourite for the Player of the Year award.
"The way he conducts himself and the way he has been performing has been brilliant.
"He is unique because he can play in four different positions. He can play as a No.9, a No.10 and wide left or right.
"He makes chances for himself as well. Some strikers need players to pass to them but with Luis he can score a goal from anywhere or any opportunity."