Sturridge and Hazard are both shortlisted for the PFA Young Player of the Year, too, which features Liverpool teammate Raheem Sterling and Everton's Ross Barkley.
Southampton left-back Luke Shaw and Arsenal midfielder Aaron Ramsey round up the six-man list.
Most encouragingly for Roy Hodgson is the number of England internationals nominated. Gerrard, Sturridge, Lallana, Barkley, Sterline and Shaw could all make the 23-man World Cup squad.
Player of the Year favourite Suárez has scored 29 Barclays Premier League goals in a largely blemish-free campaign, following two controversial full seasons in England.
Sturridge has struck 23 times for the Reds while Gerrard has notched 14 goals, although the vast majority have been set-pieces. Nineteen-year-old Sterling has claimed eight goals in an exuberant season in which he has performed more consistently under Brendan Rodgers.
Chelsea talisman Eden Hazard is the club's top scorer with 16 strikes and the indomitable Touré has struck 22 times for City. Lallana, 25, won his first England cap this season and could make Hodgson's starting XI in Brazil.
His Southampton teammate Shaw also won his first England cap in March and is expected to move to Manchester United in the summer. Ramsey was superb for Arsenal up until a Boxing Day injury kept him out for the best part of four months, while Barkley has flourished under Roberto Martínez at Goodison Park and also made his England debut earlier this season.