The Kop legend is a big admirer of Liverpool's No.4 and he has no doubt that playing the midfielder in a central role will always bring out the best in him.
"Meireles is a class act, there's no doubt about that," Fairclough told Liverpoolfc.tv.
"We have to be really impressed by his form in front of goal at the moment. I like his desire to get into the box and the runs he makes.
"The run he made for the goal against Chelsea was fantastic because he was on the halfway line and he showed a fantastic desire to get into the box which is so important.
"Getting forward is a regular feature in his game now and he looks very comfortable playing under Kenny.
"I think it is very favourable to make comparisons with Terry McDermott and Raul does remind me of him.
"Terry scored some spectacular goals for Liverpool, some of the best in our history, and he made these trademark runs.
"Meireles makes similar runs and he is a big asset for our team."