The Uruguayan believes that the Reds are capable of defeating the Gunners, despite going down 2-0 to them in the reverse fixture earlier this season.
"Arsenal are the leaders in the table and victory would be good for morale, give the whole squad an enormous injection and reduce the points difference at the top," The Mirror quotes Suarez as saying.
"We didn't have success at the Emirates so our objective now is to win and I believe we have that chance.
"It has been such a hard season. It's rare that everything could be decided on the last day but we must keep going and to ensure that happens we need results against the other main candidates."
Arsenal head into the match as Premier League leaders, with Liverpool eight points behind them in fourth.