That is according to Sky Sports transfer expert Dharmesh Sheth.
Suarez has faded into the background at Barcelona under Ernesto Valverde this season, playing just 17 minutes in the league.
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Despite re-signing the midfielder in 2016, the Catalan club are once again willing to let the 25-year-old leave.
It was reported by The Independent before the January transfer window began that Arsenal were among several clubs who were offered Suarez for a cut-price £14million fee.
Gunners boss Unai Emery has publicly expressed his desire to sign a player “at left or right wing” this winter, but admitted last week that the club are unable to make long-term signings.
“We cannot sign permanently,” the Spanish coach said. “We can only loan players.
“I know the club is working on possibilities of which players can help us with big performances like we need now. I cannot say more.”
Given the club’s stance, Emery is hopeful of securing Suarez on a loan, and Sky Sports pundit Sheth believes Arsenal will get their man.
“As it stands, we’re talking about Arsenal only wanting loans,” Sheth told the Transfer Talk podcast.
“They want to bring Barcelona’s Denis Suarez in on a loan move.
“They know each other very well, Emery and Suarez, he played under Emery in the 2014/15 season when he was on loan at Sevilla.
“Barcelona would, we think, be happy to do a deal, but provided it came with an obligation to buy Denis Suarez in the summer.
“We’re told that Suarez wants to do the move and he’s not getting much game time at Barcelona. He’s just made his seventh appearance of the season [in all competitions].
“That’s where it stands with that one, he wants to come as far as we’re concerned.
“They’re also linked, Arsenal, unsurprisingly with a guy called Eva Banega. Again, Sevilla.
“Emery described him as a very good player when he was asked about him and they know each other as well from their time in Spain.
“Banega, Suarez or maybe both? I think Suarez looks like a goer.”
Emery may be keen to bring in additions after admitting Arsenal are currently too inconsistent to finish in the Premier League top four.
The Gunners have finished outside the Champions League places for the past two years and sit six points adrift of fourth-placed Chelsea following a 1-0 defeat at West Ham on Saturday.
“Now it’s more difficult, it’s clear,” he replied when asked if a top-four finish was still a possibility.
“I think the most important thing for us is to recover our confidence and be more competitive. We need consistency over 38 matches.
“Now it isn’t enough at the moment. West Ham was a bad result. If we can win today we are playing against Chelsea with a three-point maximum distance.
“The big opportunity for us was that we can take in our hands the possibility to be closer to them. This result makes that more difficult.”