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Spanish transfer expert Guillem Balague says the Barcelona midfielder is wanted by Sevilla, Real Betis and the Gunners.
And both have presented offers of 20 million euros for this 25-year-old player.
Arsenal wants to sign a loan with Suarez, but Barcelona wants an agreed package in the contract, which would make the change permanent in summer.
If the Gunners choose not to accept Barca's demands, the midfielder is happy to stay at Nou Camp, Balague says.
He tweeted: "Denis Suarez was out of the game of Sevilla and #FCB could get him out of his squad if he does not accept the offer of Sevilla or Betis (they pay 20 million euros). # 39; euros).
"He only wants #AFC but they are not convinced to accept a buy clause, so the player has decided to stay #armwrestling".
And Sky Sports specialist Dharmesh Sheth does not think that the release of Sven Mislintat will have an impact on a possible move of Suarez.
"Denis Suarez is the target," he said in the Transfer Talk podcast.
"Barcelona wants an obligation. Arsenal will buy it for 20 million pounds this summer. Arsenal simply can not buy it this month because they can only make one loan.
"However, it will be urgent to put the structure in place. Well before the summer transfer window.
"But there is no chance – nothing guarantees – that Arsenal will then have money to spend."
Arsenal will return to play tomorrow evening after hosting Manchester United in the fourth round of the FA Cup.
The Gunners have not yet added to their squad this month, but Unai Emery has commented on possible rookies.
"I do not want to talk about individual players because I know the club is working," said Emery.
"The club is working on the possibility of hiring players who can help us over the next four months.
"The club works with different players. Our message is that we only want to sign one or two players, who can help us with the performance. The club works. "
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