Suarez sustained a knee injury during Liverpool's final day Premier League win over Newcastle and he has had meniscus surgery this week following an MRI scan on the problem.
The 27-year-old, who topped the Premier League's scoring charts with 31 goals, is optimistic he will be fit for the opening Group D game against Costa Rica on June 14 before taking on Roy Hodgson's side five days later.
Doctors confirmed that there were no complications following the surgery, but the striker will be playing catch-up with his fitness as he is expected to miss Uruguay's World Cup warm-up games against Northern Ireland and Slovenia.
Having played alongside Suarez for the past three-and-a-half years at Anfield, Gerrard is well aware of the threat he poses and knows England would stand a better chance if he was to miss out.
"From a really selfish point of view it would really help England if he was not available, of course it would," said Gerrard.
"I know him personally and I wish him well.
"I just hope he's fit as soon as possible and certainly for when we go back with Liverpool."
England may require a favour from Uruguay when the South American side take on Italy in the final fixture of Group D and Gerrard would like to see Suarez make his comeback in that game before turning his focus back to domestic football.
"The final group game and then Liverpool would be fine. From a selfish point of view, he will understand that," he said.
"I know missing the World Cup would absolutely kill him.
"We'll have to wait and see. I know he's a fighter and he'll do everything he can to be fit."