The Uruguay striker took his astonishing goal tally to 19 from only 12 Premier League appearances as Brendan Rodgers' side beat Cardiff City 3-1 to go top on Saturday.
Suarez looked destined to leave Anfield before the start of this season after stating his desire to play UEFA Champions League football.
He told LFC TV: "What he is doing this season and what he has done in the past few seasons he deserved that (his new contract).
"We can see he is really comfortable playing here. It (the new deal) is a positive message because the owners and manager said they want to keep their best players and at the moment he is not only our best player but the best player in the league.
"Hopefully he will maintain this form for a long time for the club."
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