Atletico are currently four points clear of neighbours Real Madrid in Spain's top flight, and trail table-topping Barcelona by 12 points.
However, when asked whether Atletico were aiming to finish above rivals Real, defensive midfielder Suarez said the club's eyes were firmly set on the club from Catalonia.
"I don't see it as a mini-league to finish above Real Madrid; it's a mini-league to challenge for the league title," said the 25-year-old, who made his international debut for Spain this month.
"Barcelona is favourite to win the league but if they lose two games and we win two games, we're there.
"Our first objective is to be in the Champions League, then the Spanish Cup, then in Europa League - we'll see. We're in a good position now and we'll see [what happens] in the future."
Suarez says confidence is high in the Atletico camp and reckons this season's crop are the best he's played with since joining the club in 2010 from Real Mallorca.
"We have the best team in all of the three years I've been here," said Suarez, who has won a Europa League and two Super Cups with the club in that time.
"I've played with Diego Forlan, Sergio Aguero, Simao and Jose Antonio Reyes, but I think the whole team is better now.
"When you look at the bench you see players that can play in every team in the league and I think that's important.
"Winning titles helps you win respect from other teams, from other people and helps you to grow up as a group."
Check out the video above to see the full length interview with Mario Suarez to hear his thoughts on team-mate Radamel Falcao, boss Diego Simeone, his favoured position and much more...