Molby, 49, reckons the Uruguayan striker should be much closer in the odds to win the award.
He told the Daily Star Sunday: "It is absolutely amazing that you can get odds of 40-1 on Suarez to be crowned PFA Players' Player of the Year.
"How is Suarez the outsider in a three-way battle with Robin van Persie and Bale?
"Bale is the favourite and he has been superb for Spurs recently but the season started in August.
"For me, it should be between Suarez and Van Persie, whose goals are firing Manchester United to the title.
"I don't think there's a great deal between the contribution of Suarez and Van Persie this season.
"Suarez has been incredible and he does things the other two aren't capable of."