The 25-year-old is believed to be keen on a switch to the Emirates and a loan deal would likely include the option to make it permanent this summer.
However, Spanish pundit Guillem Balague says nothing has yet been decided at Arsenal's end.
"To update you on Denis Suarez," he told the Guillem Balague Transfer Show.
“Barcelona thought the deal was going to be taking place this week because they thought it was going to be an easy one.
“But it's not as easy as that, there are other teams that are interested.
“Denis Suarez is saying exactly the same.
“And because they've got a limited amount of money they can use on wages as well, and on loan deals, they're just waiting to take a final decision."