The Uruguayan currently sits alongside team-mate Daniel Sturridge and Sergio Aguero at the top of the Premier League scoring charts with eight - despite missing the first five games of the season due to his recent ban.
|100/1||Luis Suarez is 100/1 with Paddy Power to win the Ballon d'Or|
"I voted for him in my top three," Gerrard 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."
The midfielder, who was able to cast a vote as captain of England, admits he was unsure if he could vote for the forward.
He added: "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.