The Gunners are looking to bring in Benzema.
Just 12 months after almost signing Luis Suarez themselves, Arsenal could help the Liverpool star join Real Madrid instead this summer for £70m, according to the Mirror.
The Gunners are interested in signing current Los Blancos striker Karim Benzema and if they choose to take the Frenchman on, Madrid will swoop for Suarez as a replacement.
The north Londoners submitted a £40m plus one pound bid for the Reds top-scorer last year, as they tried to activate a release clause that turned out not to exist.
At the time the Merseysiders dismissed the offer as disrespectful and Suarez went onto score 31 Premier League goals in 33 games and win the 2014 PFA Player of the Year, whilst no new forward arrived at the Emirates Stadium.
Arsene Wenger has admitted that the team have relied too much on Olivier Giroud in attack this term and that recruitment in the final third is needed.
The 64-year-old is a huge admirer of his fellow countryman Benzema and will look to make a move for the France international after the Champions League final.
If the 26-year-old were to agree to a switch to the Emirates Stadium than that would leave Los Merengues with only youngster Alvaro Morata as a recognised striker at the club.
Head coach Carlo Ancelotti has made it known that in this scenario the Italian would want Suarez to fill the void, although club president Florentino Perez is said to favour Manchester City’s Sergio Aguero.
Whilst the Uruguay international has had arguably just a good a year as Gareth Bale did in 2012/13 – which prompted a world record £85.3m move to the Estadio Santiago Bernabeu for the Welshman – the South American’s age, 27-years-old, means he wouldn’t fetch such a high price.
Read more Liverpool transfer rumours.