The Reds are five points clear of Chelsea F.C., who they play at Anfield on Sunday, with three games remaining and the Uruguayan said a first league title since 1990 would be almost unbelievable.
"We have good players, but if you look at the complete squad, we don't have the tools to be up there," newspapers quoted the league's top scorer as saying on Friday.
"The truth is that we have surprised ourselves at how well we're playing. We have good players who are demonstrating why they are at Liverpool and it would be something amazing for the Premier League because of the investment made by Chelsea, (Manchester) City, and Arsenal.
"Even Tottenham have spent over 100 million pounds ($168 million) and we, with so little investment, are in that position. It would be incredible."
Suarez, scorer of 30 goals in the league despite missing the first five games of the season while serving out a ban for biting Chelsea's Branislav Ivanovic, had said last year he wanted to leave Liverpool.
The Uruguayan was the subject of a 40 million-pound ($67.2 million) bid from Arsenal, that Liverpool rejected, and had also talked of a move to Spain but has since agreed a new deal at Liverpool.
The club's form, with 11 wins in a row going into Saturday's top of the table clash, is a remarkable turnaround from four years ago when their future hung on a High Court hearing.
Managing director Ian Ayre told newspapers that the former European champions had been "seconds from financial disaster" in 2010 when Fenway Sports Group ousted fellow Americans Tom Hicks and George Gillett as owners.
The takeover staved off the threat of administration.
"People sometimes forget how bad it was," said Ayre. "I speak to people now and they have really short memories. When you think about that day when we tipped it over the edge and finally pulled it back, we have come such a long way."