The Argentina international, who spent three-and-a-half years on Merseyside under Rafa Benitez, says the Reds should aim high
The 29-year-old, who endeared himself to the Kop during a three-and-a-half year spell with the Reds, has maintained an interest in his old club despite moving to Camp Nou in 2010.
And Mascherano is delighted to see Liverpool back in the hunt for Champions League football, though is convinced they can set their sights even higher than the top four and aim for the title instead.
“There’s more than half the season gone and look where Liverpool are lying in the table,” said the Argentine. “They are fighting for the title as well as a top-four finish.
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“I have watched them closely since leaving the club and this season you can see they have improved a lot.
"They are playing with more confidence and are now a very good side. I am very happy for the lads there because I still have some friends at the club and I speak still with Steven Gerrard and Lucas Leiva. They have been there a long time and deserve this.
“I enjoyed my time there. Liverpool are a top club and for me must always be in the top four of the Premier League.”
Mascherano also praised the devastating form of Premier League topscorer Suarez, who has netted 23 times this season, and believes his fellow South American is virtually unplayable.
“He’s unbelievable and at times unstoppable. He’s a really great player for Liverpool and his country,” the Barca man added.
“I don’t know how you stop him. I have had some chances to play against him when Argentina have faced Uruguay and he’s really difficult to stop.
“He is perfect for Liverpool and the right player for them because it’s not enough just to have top quality. He also has the right character and that is playing an important part in what Liverpool are achieving.
“He’s one of the five greatest strikers in the world. He really is that good – and I think he can help Liverpool to win the title.”