Liverpool play host to Arsenal at Anfield at lunchtime on Saturday hoping to gain revenge for their 2-0 defeat to the Gunners at the Emirates earlier this season.
Suarez, who was a transfer target for Arsenal last summer, believes victory over the league leaders would provide a major confidence boost for Liverpool for the final few months of the campaign.
"Arsenal are the leaders in the table and victory would be good for morale, give the whole squad an enormous injection and reduce the points difference at the top," Suarez is quoted as saying in the Daily Mirror.
"We didn't have success at the Emirates, so our objective now is to win and I believe we have that chance."
Suarez admits he expects the race for the title and top four to go down to the wire and he knows Liverpool must improve their results against the top three after losing to Arsenal, Manchester City and Chelsea so far this season.
"It's rare that everything could be decided on the last day, but we must keep going and to ensure that happens we need results against the other main candidates," added Suarez.