The Uruguay striker has earned numerous plaudits for his performances this year and his 24 Premier League goals puts him in line for the Golden Boot with his nearest challenge being team-mate Daniel Sturridge (18).
With Liverpool currently second in the table, six points ahead of fifth-place Tottenham, there is every chance Suarez could achieve both ambitions this season but he would settle for getting the club back into Europe's premier club competition.
"I'd actually prefer not to win this Golden Boot and for Liverpool to qualify for the Champions League this season," said Suarez in an interview in the April edition of FourFourTwo magazine.
"Any player would miss the Champions League. We've not been good enough since I've been here to qualify but this could definitely be our year.
"It would be a frustration not to get fourth because we've done everything possible and given our maximum to qualify.
"Everyone says Champions League nights at Anfield are amazing - memories you guard forever.
"It would be an unforgettable experience and it's been too long since that happened. I think to finish in the top three, which is still possible, would be incredible with the players we have in the squad."
Suarez, having tried to manufacture a move away last summer, signed a new vastly-improved contract in December.
There has been speculation it contained a bona fide clause which would allow him to leave if the club did not qualify for the Champions League, but he insists a failure this season would not necessarily see him walk away this summer.
"I signed my new contract because I'm very happy here and I want to stay where I'm enjoying football and life. Playing in the Champions League isn't dependent on that," he added.
"This is my best season yet. I feel in a very good place, physically and mentally.
"Every day I feel better in this club. I hope to continue down this path because we want Champions League football for Liverpool and, personally speaking, I want to continue that mentality throughout the World Cup with Uruguay."