Wenger is prepared to go as high as £40m after Arsenal's initial £30m offer was rejected by the Anfield club.
But Brendan Rodgers believes Suarez belongs in the same price category as Edinson Cavani - the new Paris St Germain signing was bought by the French champions for £55m.
"When you consider Edinson Cavani has gone for £55m, Luis is up there in that bracket of top talent," said Rodgers.
"Arsenal's was an offer we didn't deem worthy of the talent. There's no guarantee Luis would be sold even for that because we are trying to build something - we don't have to sell.
"We're prepared to spend and get people in without having to sell him. The reality is we have had one offer.
"So there can be as much speculation as you like, there's been nothing beyond that."
Wenger had been strongly linked with a move for Real Madrid forward Gonzalo Higuain, but that transfer seems to have stalled in recent weeks with the Gunners now focussed on Suarez.
Reports of an Arsenal bid surfaced earlier this month, and this new report claims the Arsenal boss is ready to renew his interest in the Uruguayan with a fresh £40m bid.
The Uruguayan international is a proven Premier League goalscorer, and is thought to be keen to play Champions League football next season.