Per Andy Hunter in the Guardian, Gunners boss Arsene Wenger famously bid just over £40 million for the Uruguayan striker—then at Liverpool—in 2013 in the belief that it would trigger Suarez's release clause.
A year later, he moved from Anfield to Barcelona for £75 million, and the 29-year-old has now revealed that Gerrard advised him against joining the north London outfit, per James Cambridge in the Express:
Arsenal's interest in me was very public, I don't think it is any secret. I had a private conversation with Stevie [Gerrard] after training, and he told me to give Liverpool another season, and wait for Barcelona. Looking back, now it is one of the most important conversations of my life, but that is Stevie, he was a captain who was always ready to give his players advice.
It proved a costly conversation for Arsenal, as Suarez could undoubtedly have been a huge asset had he chosen to move to the Emirates.
At Barcelona, he has established himself as possibly the most lethal striker in Europe and he will undoubtedly be a thorn in Arsenal's side in Tuesday's Champions League last 16 first leg at the Emirates, per Squawka:
*Look away now Arsenal fans*— Squawka Football (@Squawka) February 21, 2016
Luis Suárez's form for Barcelona this season (all competitions):
Goals: 41 pic.twitter.com/Fa2rrriwGq
Barca are currently seeking a second consecutive treble—having won the Champions League, La Liga and the Copa del Rey in Suarez's first season with the club—which Bleacher Report's Sam Tighe believes is a genuine possibility:
And Arsenal's recent record against the Catalans in Europe is not very good, having been knocked out of the Champions League by them in 2010 and 2011.
Wenger has revealed that he had previously had regrets about not signing Suarez but is now simply focused on trying to stop him and his team-mates on Tuesday, per Matthew Dunn the Express: "Do I wonder "what if?" It happened to me before, but not now. He's a player there, and we have to keep him quiet on Tuesday night. Individually, all their players are difficult to stop. We have to find a way to do it collectively."
Regrets may resurface for the Frenchman if Suarez plays a part in Arsenal being knocked out of the Champions League, and the Gunners would surely have a better chance of beating Luis Enrique's side if the former Ajax man was wearing red.
However, Arsenal lost out in their pursuit of Suarez, and they seemingly have Gerrard to blame.
Elsewhere, the Gunners reportedly look set to be gazumped in their pursuit of Schalke's young star Leroy Sane.
It was previously reported that Arsenal were one of a number of clubs going after the 20-year-old winger, who is enjoying a breakthrough season in the Bundesliga, per Neil Moxley in the Sunday People.
Per Bundesliga expert Alex Chaffer, Sane is hugely talented but still has a lot to learn if he is to make good on his immense potential:
Leroy Sané is still so raw. Can be extremely lazy in defence and careless in attack. Lots to learn, but so much talent.— Alex Chaffer (@AlexChaffer) February 21, 2016
At £40 million or more, he will unquestionably be a big gamble for whoever signs him, but it seems Arsenal are currently out of the running anyway.