The striker has scored 10 goals in his last four Premier League games, including a double against Cardiff, with Manchester City his next opponents on Boxing Day
City moved up to second in the Premier League on Saturday, a point behind Liverpool, with a 4-2 triumph at Fulham representing their eighth win in nine games across all competitions.
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Suarez has scored an astonishing 10 goals in his last four outings, taking his tally to 19 from 12 Premier League games this season.
Looking ahead to Thursday's match, Pellegrini noted the threat of Suarez and also suggested up to six teams remain in contention for the league title.
"[It will be] very difficult because Liverpool are a very good team," Pellegrini told reporters..
"Suarez is in a very good moment.
"We are just finishing the first half of the Premier League, two more games, [but] this Premier League is not only about Liverpool and Manchester City. Five or six teams will fight to the end."
City will head into the Liverpool game in confident mood having won all eight of their home league fixtures this season, scoring 35 goals in the process.