The Uruguayan has been the subject of two rejected bids from the London club, with Liverpool desperate to keep hold of their top scorer and star player of last season.

Suarez has recently returned to first-team action and featured as a substitute on Sunday as they rounded off their pre-season tour of Asia with a 3-0 win over Thailand.

And while Owen has no issue with the 26-year-old seeking a move to secure regular UEFA Champions League football, the now-retired striker does not think joining Arsenal would represent a big enough step up for Suarez.

"Arsenal are a fabulous club and have got a great heritage, but Liverpool are as big - if not bigger," Owen told BBC's Sportsweek.

"I'd be very surprised if he were to move to Arsenal. (Real) Madrid or Barcelona would make more sense.

"From Suarez's point of view you can understand him if he wants to reach the absolute pinnacle of the game - that's playing in the Champions League. Liverpool obviously are not in that at the moment.

"Truthfully, can you really see Arsenal winning the Champions League next season or going into the later stages? Unless they buy a good few players then I can't."

With Arsenal having so far been spurned in their attempts to sign Suarez, it has only added to the disappointment of missing out on targets Gonzalo Higuain and Jesus Navas, who opted to join Napoli and Manchester City respectively.