The Gunners brought in the midfielder on loan from Barcelona in January and have the option to keep beyond the end of the season.
Suarez has yet to start a game for the Gunners in any competition, featuring six times off the bench.
The Spaniard worked with Unai Emery at Sevilla earlier in his career but has so far failed to force his way into Arsenal’s starting XI.
Barcelona tied Suarez to a new contract before allowing him out to make the temporary switch to the Premier League.
However, his move to the Emirates has not gone smoothly and Emery is believed to have doubts about whether the 25-year-old can cope with the physical demands of English football.
Emery said at the time of the signing: “We are very happy that Denis Suarez is joining us.
“He is a player we know well and I have worked with him at Sevilla. He brings us quality and options in many different attacking positions, so he’ll be able to help the team.”
Suarez added: “I have a very good relationship with him.
“I spent a year with him at Sevilla when we won the Europa League. I think he’s a very demanding coach and one of the best coaches in the world right now – I’ve been saying that for a while.
“I’m really happy to have the chance to work with him again and I hope that the rest of the season is successful for me and the club.”
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