The 24-year-old, who had a two year spell with Manchester City, played for Arsenal boss Unai Emery while on loan at Sevilla.
Capped once by Spain, Suarez has made just six appearances this season, including one as a substitute in the Champions League draw with Tottenham. He is eager to play more regularly and Arsenal would like to take him on an initial loan.
Barcelona’s Denis Suarez could be reunited with his former Sevilla boss Unai Emery at Arsenal
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Barcelona would prefer a sale while Arsenal have discussed an initial loan.
Suarez, who also had interest from Chelsea, can play on either flank or behind the striker and is viewed as a possible replacement for Aaron Ramsey who will leave in the summer.
Wolves are close to agreeing a loan deal with Chelsea for Tammy Abraham.
Wolves are closing in on a loan deal for Chelsea striker Tammy Abraham who is at Aston Villa
Sportsmail revealed last week that the Molineux side was heading the chase for the 21-year-old who has scored 16 goals while on loan at Aston Villa.
Abraham is keen to play in the Premier League and Wolves want competition for Raul Jimenez. Chelsea, who have until January 14 to trigger his recall, are reluctant to agree to a sale now despite Wolves intimating they would be willing to offer around £18m.
The Stamford Bridge club will wait to see how he performs knowing his value could increase by the summer if he does well.
Chelsea are continuing to pursue Juventus striker Gonzalo Higuain, 31, who is on loan at AC Milan.