Currently in seventh place with 42 points, Liverpool are 12 points behind third-place Tottenham and 10 points below fourth-placed Chelsea. With 10 games remaining this season, it could be the fourth straight campaign were Liverpool finished out of the top-four.
Suarez, who is the leading goal-scorer with 21 league goals said: "We've been in good form recently and it's a good opportunity to reduce the gap between ourselves and Spurs."
"There is a slight chance we can make Champions League football and if we want to do that, this is the sort of game we need to win," the 25-year old Uruguayan said.
Liverpool have scored nine goals against Wigan and Swansea lately without conceding a single goal and Suarez feels Liverpool have improved after the arrival attacking players like Daniel Sturridge and Philippe Coutinho.
"Things have been going really well with Daniel, but not only him - there's also Philippe," Suarez said. "They have both brought something and maybe given us an extra cutting edge.
The lads who were here before their arrival were doing a fantastic job, but now we have more options as a team," he said.
The only threat faced by Brendan Rodgers' side would be goal machine Gareth Bale but defender Jose Enrique feels Liverpool will not worry about Bale, who has seven goals in his last five starts.
"Even if you are a really good player, like Bale, if you are against two players it can be really difficult to play. So we will try to stop him and all his team mates," Enrique said.
Liverpool were the kings of Europe in the 70's and 80's but their last Champions League match in the 2009-10 season after famously winning the title in 2005 and also making the final in 2007.