Suarez is among the front-runners along with Manchester United's Robin van Persie and Tottenham's Gareth Bale for the prize after an impressive capaign at Anfield.
The Uruguay international striker has netted 25 goals in all competitions for Liverpool this term and Lucas believes Suarez would be a worthy winner of the accolade from his fellow professionals.
"Luis will certainly be challenging for that award," Lucas told the Liverpool Echo. "It has been such an amazing season for him. He has been scoring a lot of goals and showing everyone all the qualities he has.
"I just hope he wins because I think he deserves it after everything he has done this season.
"I think it's going to be between Luis, Van Persie and Bale. All three have performed really well and have scored a lot of goals. But we hope Luis has got the luck to win it. He has been so important for us and is a special player. It's just so good to have him in our team."
Meanwhile, Lucas is not surprised to see Suarez linked with a host of top clubs across Europe.
Bayern Munich are the latest side to be credited with an interest in the former Ajax man, but Lucas is confident the 26-year-old will remain at Anfield as he is happy with life on Merseyside.
"After the season Luis is having, I'm sure there will be a lot of speculation," added Lucas. "That is bound to happen.
"At the end of the day, it will be his decision and the club's decision.
"But what I know from Luis is that he's happy, he's comfortable and his confidence is high.
"Nobody is thinking about the summer or next season yet."