Arsenal Transfer Rumours: Breaking Down Latest in Gunners' Luis Suarez Pursuit

Arsenal have spent a large portion of the summer attempting to chase down Luis Suarez's signature.

The club's pursuit of the Liverpool striker has featured several roadblocks, and the latest one puts the Gunners in a tough spot with the new season quickly approaching.

Chris Bascombe of the Telegraph states sources close to the ongoing saga at Liverpool are of the firm belief that the £40 million bid wasn't enough to trigger any type of release clause. They continue to hold out for a more lucrative offer.

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"We've all examined the clause in detail," a senior Liverpool figure said. "All it obliges is for us to enter good faith negotiations about Luis's future. There is absolutely no obligation to sell and that is very clear."

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The report doesn't come as a surprise, but it's further confirmation that Arsenal must raise their bid even further if they want to put serious pressure on Liverpool to sell Suarez. The Reds have fought every step of the way to keep their chief asset.

So the next step for Arsenal becomes figuring how much they must offer for Liverpool to seriously consider the approach. David Maddock of the Daily Mirror reports the asking price is in the range of £55 million.

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And with the 26-year-old under contract for another three years, manager Brendan Rodgers and the Reds' board are determined to keep him unless their valuation—thought to be around the £55m Paris Saint-Germain paid Napoli for Edinson Cavani, Suarez's Uruguay strike partner, a fortnight ago—is matched.

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Arsene Wenger needs to decide his next course of action, and it's a tough call to make. Suarez would be a perfect addition to an Arsenal club that could use a lead striker to headline an otherwise dangerous attacking group.

Yet, the Gunners have already spent a lot of time trying to land Suarez with no success. And there's no guarantee raising their bid to £50 million or above would get the deal done. Every time it appears they are nearing the finish line in negotiations, the rumored finish line moves.

The other factor is time. Arsenal and Liverpool are within a couple weeks of starting the new Premier League campaign. If something is going to happen with Suarez, it's in the best interest of both sides to get it sorted out before that.

Furthermore, if Arsenal aren't confident they are going to reach the lofty asking price, they need to shift gears quickly and start focusing on other targets. Considering the high expectations heading into the offseason, the results have been disappointing.

Signing Suarez would obviously change that in a heartbeat. But if that's not possible, the Gunners are in danger of entering the new season without any significant upgrades, making it tougher to believe they can chase down the likes of Manchester United, Manchester City and Chelsea.

So after this latest turn of events, Wenger needs to decide in what direction to head. If he truly thinks landing Suarez is still a legitimate option, he shouldn't abandon the pursuit. But making sure he makes some type of move to bolster the squad is crucial.

Time is running out for Arsenal to make an impact deal, however.