According to Gullit, Sherwood went on a scouting mission to see the Uruguayan in Holland before he moved to Merseyside and spurned the opportunity to buy him.
"They came to watch him," the former Chelsea player said.
"I met Sherwood together with Les Ferdinand, they were Harry Redknapp’s assistants at the time and were also his scouts.
"They asked me all kinds of questions about Suarez, so I just point blank said: 'You have to snap him up, without any hesitation, in a heartbeat.'
"'Well, we’re not sure,' they said whilst they actually watched him play.
"'That’s a huge mistake, if you ask me. Afterwards they said to me: 'Well, we might have got it wrong.'"
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