The Reds captain admits it would be a huge blow to lose the Uruguayan.
Gerrard told the Liverpool Echo: “Where we sit right now all depends on what decision Luis Suarez makes in the next few weeks. If we lose him then the challenge becomes even more difficult for Liverpool. It's that simple.
“If we get the couple of marquee signings we need and keep Luis that will give me confidence that we can compete. Keeping Luis could be our best signing of the summer.”