Barcelona midfielder Suarez has been heavily linked with the Gunners throughout January but Emery served up a disappointing update to Arsenal fans when he revealed the club can only sign players on loan this month.
The north London club have limited funds to improve their squad this month but with Suarez a peripheral figure in Catalonia, have been tipped to secure a temporary move.
Arsenal have been linked with paying a loan fee to sign Suarez until the summer before recruiting the 25-year-old Spaniard on a permanent basis in the summer for less than £20million.
The player himself dropped a major hint that he wants to move to the Premier League by liking a series of Arsenal-related posts on Instagram after they beat rivals Chelsea 2-0 at the Emirates.
Emery’s side moved within three points of the Blues and the Champions League places thanks to first-half goals from Alexandre Lacazette and Laurent Koscielny.
And afterwards Suarez liked a series posts on the social media site including ones from Bleacher Report, Koscielny and the Premier League all celebrating Arsenal’s win.
Speaking after the match, Emery revealed that the club are doing their all in the market despite their lack of finances.
Asked if he was close to securing Suarez’s arrival, Emery responded: “I know the club is working with different possibilities if [it] can help us for these four months for our competition.
“I know it’s a difficult window for the transfer market and if a player is coming to help us I am happy.
“But the club is doing that and I am going to wait.”
Suarez will play no part in Barca’s La Liga clash with Leganes today, having been left out of the 24-man squad entirely.
The former Villarreal attacker – who worked with Emery in a single season on loan at Sevilla – has only played 17 minutes of La Liga action this season.
His only significant minutes have come in the Copa del Rey, with Barca open to letting the one-cap Spain international leave the Nou Camp this month.
With Mesut Ozil unfancied by Emery – who opted not to use the German play-maker against Chelsea meaning he has not played since Boxing Day – and Aaron Ramsey set to leave the club at the end of his contract in the summer, Suarez would boost Arsenal’s options in the middle.
Despite a huge win for their top-four hopes, Arsenal lost Hector Bellerin to a serious-looking injury against Chelsea.
And Emery fears the right-back will be out for a prolonged period, despite having only just returned to Premier League action after a month out with a calf strain.
The Spanish boss admitted: “We are going to wait tomorrow but it is his knee and the first prediction is that it can be an important injury but tomorrow or Monday the doctor will confirm. I hope not but it is not positive, our first impression.
“We have Ainsley [Maitland-Niles], he is playing with good pieces, he played well today and he can help us playing like a right back or right winger and also [Stephan] Lichtsteiner is another player and I think we have players [to cope].
“Don’t forget [Carl] Jenkinson, he is with us he played some matches and if we need he is okay to help us.”
