Suarez said he's talking to the PFA about his contract dispute - well this is what Gordon Taylor has to say about his clause:
http://www.mirror.co.uk/sport/football/transfer-news/liverpool-transfer-news-pfa-chief-2137102
And a Sports Lawyer that has worked on Premier League contracts has this to say about the supposed verbal agreement Rodgers gave Suarez:
http://www.theguardian.com/football/2013/aug/07/luis-suarez-premier-league?CMP=twt_gu
If the above is correct then it doesn't look like Suarez has a leg to stand on. Whether he goes will be done to Liverpool's choice.
Suarez didn't sign an extended contract, he got a pay-rise. The length of the deal was no different.
In all honesty, Suarez never had a leg to stand on with his wanting out of Liverpool and especially to another PL team...perhaps if Real or some other Euro team comes in and makes a bid for him, you lot might sell him but i just cant see him going to Arsenal or anyone else in the PL.
Which makes me think thats why Arsenal have gone cold on the deal, probably waiting to see what happens if Suarez takes it to court as he has been threatening to do.
But i dont think Arsenal will sign him, it would be an utterly stupid thing for Arsenal to do considering the numerous sly ways he is using to get out of Liverpool ie one min its the english press/media and now its because Liverpool supposedly promised to sell him if they didnt get CL football this season.