Sturridge finished second in the Premier League scoring charts last season with 21 goals – a haul that was only bettered by his former team-mate Suarez, who joined Barcelona last month.
And Fowler, who scored 183 goals during two spells at Anfield, has backed the England forward to fill the void.
"He's got that chance now, to go out there and prove to everyone what we already know: that he's a great player," Fowler told Liverpool's official website.
"We know he's been a shining light since he's been here, but now he's got even more of a chance."
Following the sale of Suarez, many observers have suggested that Liverpool will struggle to replicate the form that saw them finish agonisingly short of winning the title last season, but Fowler disagrees.
"Think of all the players that have gone in the past - great players - and they've always adapted and gone on to do well," he added.
"When Ian Rush went, obviously I came in and did alright, then Michael [Owen] was there - he was always handy as well; you've got Fernando Torres who was brilliant at Liverpool. He leaves and Suarez comes in and does an unbelievable job.
"Now all of a sudden people are saying 'what will we do?' but Liverpool as a club will always go on."
