It will be the most important set of negotiations that Liverpool get involved in this season because of how significant and important the striker has proven to be for Brendan Rodgers already this season.
If Suarez signs on the dotted line, it’s not going to be a small deal which means the talks are likely going to take a long time and depend on a number of things, as Liverpool haven’t yet secured Champions League football.
Here are five things Liverpool must include in the contract in order to get the deal done and to tie down their best current player for the long term future.
Suarez’ current deal expires in the summer of 2016 but Liverpool must upgrade its value in order to incentivise the Uruguayan to stay.
Suarez is already on a very wealthy deal but there is already talk that Liverpool are prepared to pay him around the £200,000 per week mark, which is an upgrade on his current deal worth around £120,000 per week.
Liverpool are likely to put a big release clause into the contract which is something that Suarez’ agent Pere Guardiola is likely to demand.
There is no harm in this, it just gives Suarez the option of a way out should Liverpool go tumbling down the hill faster than Jack or Jill.
The valuation of the release clause would be interesting but considering Suarez’ current form, the impact he’s had and transfers in the recent past, Liverpool should set it at well over £100 million.
Guardiola is likely to demand some sort of Champions League related clause or promise, which came up last summer when Arsenal were bidding for the forward.
Suarez has made it very clear that he wants to play Champions League football and Liverpool would be well advised to insert some sort of clause or to make a promise based on their performance and top four aspirations.
This really shouldn’t be a problem because the way Liverpool are playing at the moment, they look odds on and very confident for a top four finish by the end of the season.
Just like any other professional job, bonuses could be offered to Suarez rewarding him for performance, loyalty, consistency and commitment.
He’s already cracked in 17 goals this season and eight assists in the Premier League and releasing a bonus if he hits a certain target works both ways.
It incentivises Suarez to sign a new, longer deal and Liverpool reap the benefits from his goals and performances.
Not every contract will be exactly the same and there are some ideas in terms of unique clauses that Liverpool could put in a new deal.
Having seen how well Suarez played as captain against Tottenham Hotspur last weekend, an obvious one is a clause which says he will captain the side when Steven Gerrard retires or is unavailable, effectively replacing Daniel Agger as vice-captain.
However, that depends entirely on Brendan Rodgers.