Liverpool managing director Ian Ayre has confirmed the offer from Arsenal was turned down believing Suarez would extend his tenure with the club.
Premier League club Liverpool have confirmed Arsenal's bid for striker Luis Suarez saying the Reds have rejected it in hope that the striker will continue at Anfield.
Clubcall.com has reported that the rejection has put Gunners manager Arsene Wenger to contemplate whether to go for another attempt at the Uruguayan with an improved offer.
Liverpool managing director Ian Ayre has confirmed the offer was turned down believing Suarez would extend his tenure with the club. He however, also added that incase Suarez decides to go, he can provided the right price is received.
"We had an offer which is fairly public from Arsenal," Ayre said. "We said no to that offer, and as far as we're concerned he turns up for training when he's due back. And we'll move forward on that basis.
"We get offers for lots of our players at different times. Unless we get to a situation where that player absolutely doesn't want to be here and we don't want him to be here then that's a different kettle of fish.
"Right now we'd love to see Luis put on a Liverpool shirt for this season and beyond and we hope that once he gets back things will settle down.", he added.