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Steven Gerrard is on a mission to convince Luis Suarez to stay at Anfield as the skipper insisted Liverpool can't afford to sell him to Arsenal regardless of the offer.

The midfielder believes the Reds, who rejected an improved bid of £40million plus £1 from the Gunners last week, must hold on to last season's 30-goal top scorer if they are serious about competing for a Champions League spot this term.

“I've spoken to Luis loads and of course I'm trying to get him to stay,” Gerrard said.

“We will have to wait and see if I have any joy. It's a difficult one from a team-mate's perspective as you've got to show a player respect. Luis is his own guy and makes his own decisions. But Luis Suarez knows what I want him to do, don't worry about that.

In pictures: Luis Suarez's LFC story so far

“He's the third best player in the world. You've got Lionel Messi and Cristiano Ronaldo who are on a different planet then you've got Suarez and Gareth Bale.

“It's difficult to finish in the top four because of the power the likes of Man City, Chelsea and Manchester United have got at the moment. The likes of us, Tottenham and Arsenal are fighting to sneak into the other place that's available.

“Where we sit right now all depends on what decision Luis Suarez makes in the next few weeks. If we lose him then the challenge becomes even more difficult for Liverpool. It's that simple.

“If we get the couple of marquee signings we need and keep Luis that will give me confidence that we can compete. Keeping Luis could be our best signing of the summer.”

Suarez has informed Liverpool he wants Champions League football but Gerrard has urged him to stick around for another 12 months and achieve that ambition with Brendan Rodgers' side.

Gerrard admits the prospect of losing the prolific frontman would be easier to take if either Real Madrid or Barcelona were trying to lure him away.

However, Arsenal are still the only club to have tabled an offer and Gerrard says allowing him to move to the Emirates is unthinkable – even if they match Liverpool's £55million valuation.

“If he goes to Arsenal, it obviously makes our season that bit more difficult,” he said. “It strengthens them an awful lot and they are our rivals for a top four position. From the club's point of view it doesn't make sense at all, no matter how much money is put on the table.

“Luis wants Champions League but so do I. If he was to stay around for 12 months and we achieved a top four finish, there is no better place in the world to play Champions League football than in front of an Anfield crowd.

“You only have to walk around this training ground to see some of the quotes from top players and top managers around the world when they talk about atmospheres on a Champions League night. Surely, you want to play Champions League with Liverpool rather than anyone else.

“If he was to go abroad to a Real Madrid or Barcelona I would totally understand it. He's a South American and from a family point of view, it's where they all want to be.Some of the top players I've played – Javier Mascherano, Xabi Alonso - their dream was to play for Real Madrid or Barcelona.

“If I was Luis I would wait for one of those two clubs because I think he's good enough to play for either of them.”

In pictures: Steven Gerrard's LFC career so far

Gerrard is confident that if Liverpool do refuse to sell their prized asset, Suarez will knuckle down and maintain the standards he has set since his arrival from Ajax in January 2011.

Suarez is expected to play a part in his captain's testimonial against Olympiacos on Saturday. It would be the first time he has graced Anfield since he bit Chelsea's Branislav Ivanovic in April and was hit with a 10-game ban.

“I think he will get a very good ovation because the fans will want to show him how much they want to keep him,” Gerrard added. “You can understand the frustration because they don't want to lose a top player. It's similar to when they didn't want to lose Fernando Torres. It hurts them a lot.

“If Luis does move on to another club everyone connected to the club will be hurt because he's a top player.

“But if we manage to keep hold of him for that bit longer he will continue to be the phenomenal player he has been since he came in here.

“Giving 100% is in his make up. If Luis Suarez was to go and have a game of football with a gang of kids he would want to beat them. He's very similar to Wayne Rooney. They are street footballers. Whether they are playing two aside in the street or playing 11 against 11 in the Champions League they will give everything they have got to win.

“It's great to have him on your team, I wouldn't like to play against him. He comes alive when he goes on the field. His will to win is frightening.”

Look back on our special Steven Gerrard series:

Part one - Gerrard's early years

Part two - Gerrard the player

Part three - Gerrard the leader