Sky Bet are refraining from making the Gunners favourites to sign the striker as they attempt to make sense of the industry-wide run of bets, which prompted one major bookmaker to suspend betting on Wednesday evening.
The Reds star is 3/1 to remain at Anfield this summer after declaring his interest in leaving the Premier League, with Real Madrid the favourites to sign the Uruguay international, who has stated his desire to join the Spanish giants.
The development comes out of the blue with the Gunners expected to complete the signing of Gonzalo Higuain in the next few days, while it seems unlikely that Liverpool would sell to fellow Premier League club, especially considering Suarez's reasons for wanting to leave.
Sky Bet Football Trader Chris Spicer said: "We initially actually saw very little money for Suarez to join Arsenal and did not even consider them in the betting until requested on Wednesday evening.
"However, some significant stakes have been seen across the industry, reportedly starting with some big bets from Spain, prompting us to move in line with other bookmakers.
"The bets have now started to come in but we are refraining from making Arsenal favourites though as it simply makes no sense given Suarez's desire to leave England, while we recently suspended betting on Higuain arriving at the Emirates."