Kenny Dalglish will once again be able to call upon the Uruguayan forward for the Premier League meeting with Tottenham on Monday.
Suarez has completed an eight-game suspension after being found guilty of racially abusing Patrice Evra, and Spearing thinks his return could be decisive.
“It’s going to be good to have Suarez back,” the 23-year-old is quoted as saying in The Liverpool Echo.
“He provides a massive contribution to the team. Suarez has been a big loss for us and is a massive player.”
Suarez’s return will come when Liverpool are experiencing their most positive period of the season so far.
Two cup wins over the Manchester sides in the past two weeks and an impressive brushing aside of Wolves on Tuesday will have the Reds squad buoyant.
Suarez’s availability will surely only add to the momentum Kenny Dalglish’s side have gained when they host Spurs at Anfield.
The former Ajax captain will be returning to a team transformed from the one he left after a dismal 1-1 draw with Blackburn Rovers.
A number of players have started to find form and Spearing made a point of recognising the turnaround in fortunes for a number of the squad.
“But we are a massive club and have a good squad behind us now. Andy, Bellers, Dirk and others have all shown exactly what they are capable of doing,” he added.
The three players he mentioned were those who scored Liverpool’s goals in the win over Wolves on Tuesday.
Most notable were the strikes from Andy Carroll and Dirk Kuyt – the former netting in the league for the first time since October.
Kuyt’s goal was a double landmark as it is the first time his name has been on the score sheet in the league this season and his fiftieth league goal during his time with Liverpool.