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The BBC reports the Uruguayan international believes the offer has triggered a clause in his contract which should let him speak to the Gunners.
The 26-year-old will inform boss Brendan Rodgers he wants to speak to Arsenal, even though the Reds interperet his contract differently.
The offer worth ÂŁ40,000,001 means Anfield chiefs have to inform the Uruguayan that a bid has been made - but it does not trigger a buyout clause.
Suarez will make his first appearance this summer in today's friendly against Melbourne Victory, having flown to Australia on Sunday after extended leave following the Confederations Cup.
Following the new bid, Liverpool owner John Henry's Twitter page posted a message which read: "What do you think they're smoking over there at Emirates?"
Henry tweeted at just after 2am local time in Boston but club officials have not yet been able to verify if it was sent by the American himself, because of the time difference to the US.
Suarez was instrumental for Liverpool last season, scoring 30 goals for the club in 44 appearances.
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