Suarez has scored 19 Premier League goals in 12 games to fire Liverpool to the top of the Premier League.
Gerrard said: "On current form he's the best player in the world.
"Lionel Messi's out injured and Cristiano Ronaldo's had a bit of an injury of late.
"He (Suarez) is certainly the best striker out there. He's proving that with his minutes-to-goals ratio."