The Gunners have put their deal for Gonzalo Higuain on hold while they pursue a move for Suarez.
Arsenal are set to submit a £35 million bid to Liverpool for striker Luis Suarez as the Gunners up the ante in the race to sign the Uruguay international this summer, the Guardian reports.
While they pursue a possible move for Suarez, the Gunners have put the deal for Gonzalo Higuain on hold, with the Argentine having already agreed personal terms in preparation for a move to the Emirates.
Arsenal boss Arsene Wenger wants to explore the possibility of signing Suarez following the strikers comments about being linked with a move to North London.
Suarez said that he was flattered to be linked with a move to Arsenal and wants to leave Liverpool to play for a club that is in the Champions League.
By submitting a £35 million bid for Suarez, Arsenal could start a bidding war between the clubs that are interested in the striker.
Real Madrid are thought to be readying a bid for Suarez, while Chelsea and Manchester City are also monitoring the situation.
It seems that at the moment Liverpool are fighting a losing battle in their bid to keep their star striker at Anfield but the Reds remain defiant, saying they will only consider bids of £40 million for Suarez.