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The 25-year-old is exit-bound at the Nou Camp and is understood to be keen on a move to the Premier League club this month.
Sportsmail revealed earlier this month that the Gunners were in discussions with Barca over a £20m deal for the Spaniard.
But reports in Italy now indicate that manager Unai Emery is pushing for a loan deal that will include an option to buy at the end of the season.
The two clubs will continue discussions over the protracted transfer on Monday, according to Gazzetta dello Sport.
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 would likely get his wish at the Emirates Stadium.
The Spain international played for Arsenal boss Unai Emery while on loan at Sevilla.
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