The midfielder believes the Uruguay international should not rush his decision to leave Anfield but admits the striker deserves to play for the 'best teams in the world'
Speaking ahead of his testimonial match against Olympiacos at Anfield, Gerrard revealed he had the chance to join a side playing in Europe's elite competition last summer and the 33-year-old insists Suarez should not rush his decision to leave Anfield.
"I had a chance to move to a Champions League club last year, but there was no temptation. I have been through that enough before – and that is the message for Luis," Gerrard told reporters.
"He will get many more chances to move on, if that's what he wants to do further down the line. I just think a player of his level and quality should wait for the big ones to come.
"Luis deserves to maybe play in one of the best teams in world football in Barcelona and Madrid and they will come calling for him again.
"So I am hoping, from a biased point of view, that he stays for another year and shows the form he did last year ... which could help take Liverpool to that level.
"Then, maybe, it will be time for him to go next year or the year after, but I really don't think it is the right time for him to go just yet."
Gerrard said Liverpool were doing the right thing by fighting to keep Suarez, with the Uruguayan crucial to their chances of qualifying for the Champions League.
"Can you imagine the reaction if the club just said to Luis, 'OK. Go to whoever you want. Go to one of our rivals' and we give in easy?" he said.
"I think the club are doing the right thing by wanting to keep their best players.
"We have to keep fighting and believe, and I have confidence from the last six months of last season that we can prove people wrong and break into it (the top four).
"I think certain things have to happen to help us do that and one of those is the main subject on everyone's lips – Luis Suarez.
"You lose him you take steps backwards to try to achieve top four. If you keep him and add to him it gives you an awful lot better chance."