A Premier League medal is the only item of silverware missing from Gerrard's collection at club level, with the midfielder having already won the UEFA Champions League, UEFA Cup, UEFA Super Cup, FA Cup, League Cup and Community Shield.
The Liverpool captain, who turned down some of the world's biggest clubs to remain at Anfield earlier in his career, could well end his wait for a domestic title this season.
Brendan Rodgers' side are top of the table heading into the final weeks of the season and Suarez feels Gerrard deserves to lift the Premier League trophy.
"Steven is one of the top midfielders in the world and if he won the Premier League then he is the best in the world," the Uruguayan told BeIN Sport ahead of Liverpool's meeting with Norwich City on Sunday.
"He has waited a lot of years to win the title. He has won the Champions League, which is more difficult than winning the title, and now he knows that it's a really good time for him.
"His performances this season have been brilliant. He knows to keep his head down because we have four more difficult games, but I think he is the best man in the world.
"It would be brilliant for him, (former team-mate) Jamie Carragher and for the Liverpool supporters because everybody knows he has a really good chance this year.
"He has stayed here and concentrated on Liverpool and he is a big supporter of Liverpool. I think his dream is done if he wins the league."
Liverpool are chasing their first league title in 24 years and conclude the season with games against Chelsea, Crystal Palace and Newcastle United.
