Gerrard fears losing Suarez to a direct rival in the form of Arsenal, who are keen to sign the Uruguayan.
“It’s difficult every season to finish in the top-four positions because of the power the likes of Man City, Chelsea and Manchester United have got at the moment,” he told the Independent. “The likes of us, Tottenham and Arsenal are fighting to sneak into the other place that’s available.
“Where we sit actually right now, it all depends on what decision Luis Suárez makes in the next few weeks. If we lose him then the challenge becomes even more difficult. It’s that simple.
“If he goes to Arsenal, it obviously makes our season that little bit more difficult. It strengthens them an awful lot and they are our rivals for a top-four position. From the club’s point of view it doesn’t make sense at all, no matter how much money is put on the table.”