Wenger refused, however, to be drawn on the details of Arsenal's bid, insisting he wants to keep negotiations with Liverpool "amicable".
The Gunners are yet to land a big-name summer signing, despite chief executive Ivan Gazidis saying Wenger has "financial firepower" in the summer window.
Arsenal were linked with Gonzalo Higuain but he opted to join Napoli - Arsenal's Emirates Cup opponents on Saturday - from Real Madrid.
Wenger has made two bids for Suarez - the second being £40million plus £1, which was intended to trigger a clause that would allow them to discuss terms with the Uruguayan.
Liverpool insist that they intend to keep hold of the striker, who joined up with Brendan Rodgers' squad on the tour of Australia.
Wenger said: "I don't want to speak about Suarez, because that is between Liverpool and Arsenal. We will completely respect what Liverpool wants to do. We want to (sign the player) if it is feasible in an amicable way.
"I am a great believer you have to keep as much confidentiality as possible, which is quite difficult in the modern world.
"But we work very hard, not only on the case you name, but on other different cases."
Suarez is serving a domestic 10-game ban imposed by the FA for biting Chelsea's Branislav Ivanovic and he has previously served an eight-match suspension for racially abusing Patrice Evra.
Wenger said that if Suarez does become an Arsenal player, such behaviour will not be tolerated.
He said: "We have values that we want our players to respect. No matter where they come from, we will be very touchy on that of course.
"This club has built a reputation, not only during my period here but over 127 years, and the values that are very important for this club have to be respected by every player, no matter where he comes from. That will be with every potential signing."