Arsenal have allegedly been told by Luis Suarez's representatives that a £40m bid will be enough to trigger the striker's release clause and sign the player.
The Gunners have already seen one offer rejected by the Reds, who remain adamant that they do not want to sell the Uruguayan this summer.
Suarez, who has also been linked with a move to Real Madrid, has made it clear that he wants to leave Anfield and is desperate to play in the Champions League.
However, Suarez's agent Pere Guardiola has reportedly advised Arsenal to place an offer in the region of £40m to the Merseysiders as this would then activate a release clause in the forward's contract.
Suarez scored 30 goals for Liverpool last season and was voted the club's Player of the Year.