The Uruguayan forward has enjoyed a sensational season and scored a hat-trick in Saturday's 6-3 win at Cardiff City to reach 28 Premier League goals in just 25 appearances this term.
Ex-Liverpool striker Bellamy, who played alongside the 27-year-old at Anfield in the 2011-12 season and was part of the Cardiff team this weekend, believes Suarez is now the leading player in the English top flight.
Indeed, Bellamy feels only two men in the world - Barcelona's Lionel Messi and Real Madrid forward Cristiano Ronaldo - rank above Suarez given the latter's current form.
"There's Messi and then Ronaldo - that is it for the best, best players (in the world), Bellamy told Liverpool's official website.
"Because they have just hit a level that I don't think any of us have ever seen; these guys are hitting 40 or 50 goals a season regularly.
"Then there's a group just beneath that and Luis is at the top of that group. There's no two ways about that.
"I had the opportunity and the pleasure to train with him and play with him, and he was outstanding then. The better the team has got, it has just allowed Luis to flourish as well.
"Liverpool have a lot of top players – (Daniel) Sturridge is brilliant and there's Stevie (Steven Gerrard), who is just immense.
"But with a player like Luis there, you have an opportunity to win every single game you go into - because he is that good."
