The former Reds striker will likely play against his old side when Atletico Madrid travel to England for their Champions League clash.
Antoine Griezmann was sent off in the group game between the two clubs last month and is suspended, leaving room for Suarez to start.
It will be the second time the Uruguayan has returned to Liverpool since his 2014 transfer, the only previous time being the famous 4-0 semi-final comeback against Barcelona.
On that occasion, he was not given a warm welcome either before or after the game.
The 34-year-old had a huge impact at Anfield during his three-year stay between 2011 and 2014, scoring 82 goals in 133 games.
He was the driving force behind their Premier League title near miss under Brendan Rodgers and Liverpool captain Henderson hopes fans show their appreciation.
"When Luis was here he was phenomenal for a number of years, he was outstanding," said Henderson.
"We all know he's a top player for a long time, who produced so many good moments at Liverpool.
"The fans know that and will appreciate what he did at this football club - I don't think Luis will be too bothered - so maybe not during the game but it would be nice after the game for him to get a nice reception from the crowd."
Henderson admits he learned a lot from the tenacious Uruguay international.
"I took a lot from him. He helped us a lot when he was at Liverpool with the mentality side of it, how he was in training, he always wanted to win and he played through pain barriers and things like that," said the midfielder, who still occasionally speaks to his former team-mate.
"He helped me massively and made me grow in confidence as a player and I had a good relationship with him on the pitch but also off the pitch as well."
In terms of the prospect of facing him on Wednesday, Henderson added: "He poses a lot of challenges.
"He's a world-class player who causes a lot of problems for defences, he's always in and around the goal and if he gets a chance I'm sure he will take it so we have to be on our guard with him.
"Luis is a top striker who can cause any team problems."