The Gunners made a £40m plus one pound offer for the Uruguay striker last month, believing it would meet his release clause, but it was rejected out of hand by Liverpool.
Suarez has made it clear that he wants out of Anfield and most recently complained that boss Brendan Rodgers had promised he would be allowed to leave if they failed to reach the Champions League.
The 26-year-old is yet to complicate things by handing in a transfer request, but that option remains as does requesting the Premier League to intervene over the interpretation of his 'get out clause'.
Wenger has already stressed that he will not get involved in a public auction for Suarez, but with deadlines for Champions League registration approaching, he admitted on Tuesday that the situation was far from ideal for his club.
"At the moment the situation is on standby. I heard that [Suarez is considering legal action to force a move], but this is sometimes linked with things that you don't know as a potential buyer," Wenger said to Al Jazeera Sport.
"That is the story between Suarez and Liverpool and I don't know what has been said, what has been promised and what has been written and that is only Suarez and Liverpool that can decide that.
"It is nothing to do with us. We have been told that the player wants to leave Liverpool and that is why we have acted.
"I really don't know what will be decided by Liverpool."