The Premier League side is hopeful of landing the central midfielder in a deal reportedly worth approximately £20 million.
Discussions have already taken place, and both clubs are encouraged that a deal will be completed before the January transfer window closes, Romano adds.
Arsenal manager Unai Emery is believed to be eager to reunite with the 24-year-old, whom he managed at Sevilla during the 2014-15 season.
First-team opportunities have been hard to come by for Suarez since re-joining the Blaugrana for €3.5 million from Villarreal in 2016. Suarez, who is under contract until 2020, has appeared in 46 matches in two-and-a-half seasons across all competitions - including just 221 minutes this term.
A move for Suarez is expected to offset the impending departure of midfielder Aaron Ramsey, who is expected to leave Arsenal this summer when his contract expires. Emery has previously said he does not want to lose the Juventus-linked Welsh international in January.