Arsenal have refused to give up on Luis Suarez yet, despite Liverpool rejecting both of their offers, and are preparing to lodge a third and final bid for the unsettled striker, reports The Guardian.

The Gunners, bolstered by a reported transfer war-chest of £70 million, are keen to land a quality striker in the summer and are ready to move heaven and earth to land Suarez, after failing to sign Real Madrid striker Gonzalo Higuain, who joined Napoli earlier this week.

Liverpool have rejected two offers from the Gunners and the have insisted that they don’t want to sell their prized asset to any club they consider as direct rivals in the Premier League.

The 26-year-old has held talks with manager Brendan Rodgers and the chief executive Ian Ayre on Thursday. However, the club refused to reveal in details how the meeting went, which was interpreted as a positive sign by the Gunners.

Liverpool have not granted the player the permission to speak with Arsenal. The Gunners had lodged a £40 million plus £1 for the former Ajax star, with the hope that it would have triggered his release clause though it was rejected by the Reds.

The Reds remain adamant that the £40 million clause in his contract doesn’t allow Suarez to open talks with others, rather, it entitles the striker to be only informed about the bid and it is up to the club to enter into discussions over his transfer should they wish to do so.

Meanwhile, Rodgers has urged Suarez to show some respect, gratitude and loyalty to the Liverpool fans that stood beside him thick and thin and treated him as their son during his dark days – especially over the racial saga and the biting incident.

Arsenal have never spent over £15 million for any player in their illustrious history and are now forced to cough-up at least £15 million more on top of their last bid, to have any chances of entering into a negotiation.