The Gunners are willing to smash their strict wage structure and make the Liverpool striker the highest-paid player in their history.
But Wenger said: “We are not close to signing Suarez... or anyone else. We are ready to do quick deals but all the transfers do not depend only on us. We are prepared to wait.
“It looks very unlikely that we will have anyone before the Emirates Cup next week because everyone is on tour at the moment and it’s very difficult to get in touch with people.”