The Uruguay international has enjoyed a prolific season and leads the division's scoring charts with 28 goals, despite having missed the opening five games of the season due to suspension.
Suarez has formed a superb partnership with Daniel Sturridge, which has been a key feature of the Reds' title challenge this season, but Agger feels that the Uruguayan deserves all the plaudits.
"Luis has got everything," he told the Liverpool Echo. "What he does on the pitch is unbelievable and every team in the league is afraid of him and rightly so."
|11/2||Luis Suarez is 11/2 with PaddyPower to score a hat-trick against Sunderland|
Liverpool face Sunderland on Wednesday knowing that victory would see them move above Manchester City and back into second place, just a point behind leaders Chelsea.
Agger has urged his side to maintain their fine form, which has seen them win their last six Premier League games, if they are to continue to fight for the title.
"We have a belief in ourselves and we go into every game believing we can win. Even when we go behind, we still believe we can win," he added. "That's the big thing this season – we know we can score a lot of goals and we showed that again [against Cardiff City].
"If we are going to do something this season we need to keep that belief all the way through and we have to win almost every game. They are all massive weeks for us now."