Marca says Suarez has long been linked with the Gunners and has previous with boss Unai Emery.
Suarez worked under the Spaniard when he went on loan to Sevilla in the 2014/15 season. Together, the pair won the Europa League.
The only reason the transfer has stalled is because of the two clubs, who have failed to come to an agreement over the 25-year-old.
However, personal terms have already been sorted.