Gunners chief Arsene Wenger is known to be looking at options for the January transfer window, with bulking out his engine room a pressing concern.
Captain Mikel Arteta, Aaron Ramsey and Jack Wilshere all injury concerns for the Frenchman, who has been forced to rely on Mathieu Flamini in a holding role while pushing Alex Oxlade-Chamberlain central.
Wenger wants at least one addition to bolster his midfield ranks, with Suarez an option.
The Atleti man has been used sparingly by manager Diego Simeone this term, and Spanish journalist Eduardo Inda has indicated that a switch to Arsenal is likely.
Suarez is seen as a short-term option by the north Londoners, with a move for William Carvalho believed to be the one Emirates Stadium chiefs want.
Wenger is also chasing a new centre-back, with Laurent Koscielny’s injury issues having exposed a lack of depth in the position this term.