After scoring 17 goals in 11 Premier League games this season, Brendan Rodgers had been looking to tie down the Uruguayan to a new deal to both reward Suarez for his outstanding form, as well as banish any thoughts of the club selling the striker in the near future.
And Suarez has put pen to paper to extend his previous deal, which was due to expire in 2016.
"I am delighted to have agreed a new deal with Liverpool and have my future secured for the long term," Suarez said on Liverpool's official website.
"We have some great players and the team is growing and improving all the time. I believe I can achieve the ambitions of winning trophies and playing at the very highest level with Liverpool. My aim is to help get us there as quickly as possible."
At times this summer it looked inevitable that Suarez would be leaving the Reds, making a series of comments while on international duty with Uruguay that seemed to indicate he saw his future as being elsewhere. There were also rumours of a clause in his previous contract allowing him to talk to clubs that bid over £40 million, something that Arsenal put to the test as they pursued a player many see as one of the best in the world.
But Liverpool held on to their star man, and after starting the season training alone, Suarez has demonstrated a passion and level of ability for Liverpool since returning from his ban for biting Branislav Ivanovic that few have been able to match.
Naturally, Rodgers was delighted: "This is fantastic news for everyone associated with the club; the team, the owners and most importantly the supporters.
"Luis is a world-class talent and securing his services is crucial for what we are trying to achieve here.
"What's most important and most exciting is that, at just 26 years old, his best years are still ahead of him and we now know we'll be seeing him reach that potential in a Liverpool shirt."
The rest of the league will be less welcoming to the news, with the forward having terrorised defences up and down the country. But this is one world class player the Premier League is keeping, at least for a little while yet.