The Gunners made a bid of £40million, plus an extra £1, in the summer of 2013 in the hope it would trigger his release clause at Liverpool.
Suarez remained at Anfield for a further 12 months before moving to Barcelona for £75m in July 2014 and has now spoken out about Arsenal's pursuit as he and his Barca teammates prepare for Tuesday night's Champions League clash at the Emirates Stadium.
"It's inevitable that people will talk about them trying to sign me, with us facing them in Europe," he told the Daily Express.
"They are a big club, but it would have been very difficult to play for any team other than Liverpool in England.
"Barcelona was the right choice for me. Yes I have won the treble in my first season, but also my family are very happy in the city.
"Barcelona was the only choice for me, life is good."
Since arriving at Camp Nou, Uruguayan ace Suarez has won the Spanish LA Liga title, the Champions League, Copa del Rey, UEFA Super Cup and FIFA Club World Cup (all in 2015) while scoring 66 goals in 80 appearances in all competitions.