Arsene Wenger's side submitted a £40m-plus-£1 bid in an attempt activate the Uruguay international's clause but the Reds claimed that the player only needed to be informed of offers over £40m and were not obliged to sell.
Liverpool maintained their no-sale stance regarding Suarez throughout the summer transfer window and the forward signed a new long-term deal with the club in December.
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"He had a buyout clause of £40m. Arsenal, one of our prime rivals - this year we're tied for second - we're actually second because of goal difference - offered £40m plus £1.
"What we've found is that contracts don't seem to mean a lot in England - actually, in world football.
"It doesn't matter how long a player's contract is, he can decide he's leaving.
"We sold a player, Fernando Torres, for £50m, that we did not want to sell - we were forced to. Since apparently these contracts don’t seem to hold, we took the position that we're just not selling.
"It's been great for Luis, it's been great for us."