The Uruguayan striker, who leads the Premier League scoring charts with 22 goals, is up against Manchester United's Robin van Persie and Tottenham's Gareth Bale for the prize and Gerrard suggests it would be a massive snub if the Reds star was not to clinch the title.
"He's been doing that for us all season," Gerrard told the club's official website.
"He's top scorer in the league now and he's been incredible. I can't put into words how good he's been.
"If he doesn't win an award this year, he'll be the best player ever not to win an award."