The England skipper is delighted the Uruguayan chose to remain at Anfield following an uncertain few months that saw the striker linked with Real Madrid and Arsenal.
Suarez was linked with a big-money move away from Anfield in recent months, with Arsenal and Real Madrid both touted as possible destinations for the Uruguay international.
While Liverpool ultimately refused to sell its star striker, Gerrard feared he would never see the former Ajax man play for the Reds again.
"Every day, I was waking up hoping nothing would happen and he would still be here," he told The Mirror. "Nobody tried harder than me to keep him at Anfield and he knows exactly what I think of him.
"When you have a player as good as Luis, you know the big clubs are going to want him."
The 26-year old has returned to the side after serving a 10-match suspension and he made an instant impact in the 3-1 victory against Sunderland on Sunday, scoring two goals.
Gerrard believes Suarez looked hungrier than ever and deserves credit for the way he has bounced back from a difficult summer.
"A lot of players in his position might have come back and spat the dummy out and not tried," said Gerrard.
Liverpool is currently second in the Premier League and faces Crystal Palace this weekend, with Suarez set to make his Anfield return.