Spanish outlet Esports COPE and Mundo Deportivo both say Suarez has agreed to renew his contract with Barcelona until 2021.
The midfielder will then join Arsenal on loan until the end of the season with an OPTION for the Gunners to sign him permanently.
And it is claimed Suarez’s exit could be sealed TODAY.
Barcelona’s decision not to include a mandatory option to sign is a huge boost to Arsenal and their manager Unai Emery.
Boss Emery admitted yesterday Arsenal could recruit up to two players before Thursday’s transfer deadline – and may splash the cash this summer.
Emery would not be drawn on specific names and insisted he would be content if the Gunners were unable to add to their squad in the challenging mid-season window.
“We are looking at two different players and the possibility they can come,” he said. “If they aren’t coming to help us like we want, I prefer they don’t come.”
Emery acknowledges the difficulty of recruitment at this time of the season and knows Arsenal may not succeed in landing their targets.
“The club is telling me that this moment is not good to buy players,” he added.
“But the club say to me in the summer it is going to be different. And we are going to have chances to take and spend money to buy players.”
The head coach was previously in charge of Paris St Germain when the Ligue 1 side spent more than 350million euros on two players, Neymar and Kylian Mbappe, in the same transfer window. He insists he is happy with the more thrifty Gunners approach.
“I have had experience with different teams, teams like Sevilla and Valencia, where usually we sold players each season,” he said.
“And when I arrived at PSG it was different, because the team wanted to buy players. I can work with the two situations.
“The easiest thing for me is to ask for more players but I love to work with my players. My challenge is to improve individually, collectively, offensively, defensively.”