The Uruguay international, who has 10 Barclays Premier League goals this season, is suspended for Sunday's trip to West Ham after incurring five bookings this season.
It leaves Liverpool without a recognised senior striker as Fabio Borini is still working his way back to fitness.
Manager Brendan Rodgers has used the Europa League to try to work out an alternative and although reserve team striker Adam Morgan has been given a run out his most likely option at Upton Park will be Shelvey.
The former Charlton player, who is Liverpool's top scorer in Europe with four goals this season, was utilised in a false nine position in the 2-2 draw with Young Boys just over a fortnight ago.
"Luis is a world class striker so everything he touches goes in," said the Romford-born Shelvey, who grew up supporting the Hammers and played for their youth team.
"I played there against Young Boys there and thought I did all right, I did a job for the team.
"It is difficult to adjust because you have your back to your opponent all the time whereas in midfield you can see in front of you, so it is difficult in that respect.
"It is a different type of fitness as well but I'll be ready for it.
"You have to be aware of where other players are each side of you and in that respect I think I have got to do some work.
"But you play where you are told and it is always an honour to play.
"I'm excited because it is the team I supported but it is not an easy player's boots to fill.
"West Ham are a good team and a different type to play against as they are a bit more direct that others in the Premier League."
Liverpool's reliance on Suarez for goals may be exposed against West Ham but in recent matches other players have stepped up to provide some assistance.
Defender Daniel Agger was the match-winner in a 1-0 victory at home to Southampton last weekend and similarly midfielder Jordan Henderson away to Udinese on Thursday which secured qualification for the last 32 of the Europa League.
Shelvey believes they are gradually moving towards a method which should allow more regular contributions from others.
"In any team goals have to come from all angles of the team and I think they will.
"Daniel scored on Saturday and Hendo scored on Thursday so they are starting to come and the more and more we play together the more it will happen.
"You don't go out there purposely not trying to score, if you get a chance you are going to try to score but obviously sometimes it doesn't happen."
Shelvey began Thursday's game on the bench but was sent on after just 12 minutes when Nuri Sahin could not continue because of a nose bleed.
He thinks the Europa League has been a good environment for some of the club's younger players to gain valuable experience and help strengthen the depth of the first-team squad.
"It speaks for the manager and what a good manager he is that he has played the younger lads and given us a chance and it has worked out for us," he said.
"It was a good performance. We got the three points and topped the group but the main thing was progressing and we have done that.
"I had just got comfy in my chair (after kick-off) but I was glad to get on.
"I wanted to start but the manager explained why and I've just got to get myself back in to training and get ready for Sunday."