The ex-Gunners striker says he would love his former club to complete a deal but admits the Uruguayan should stay at Anfield after the club rejected two bids from the Emirates
Suarez has made clear his desire to leave Anfield this summer and the Gunners have had two bids rejected for the 26-year-old, the latest being a £42 million offer. However, Liverpool director Ian Ayre insisted on Thursday that Liverpool have no intention of selling their star man, while Steven Gerrard urged his team-mate to snub a transfer.
And former England international Wright believes the Uruguayan should give the Reds another season despite his desire to see him turning out for Arsene Wenger's side in the upcoming campaign.
"I'd welcome him at Arsenal with open arms," he told BBC Sport.
"But if I was Suarez, when you look at everything, it does seem strange he would want to go to Arsenal. I would give Liverpool another season.
"If you look at Arsenal – not won anything in eight years, just challenging for fourth place, not really any players there who will make him say 'I'm going to play with him and him' – Gerrard has got a point."
Suarez will miss the start of the season as he serves the remaining six matches of his ban for biting Chelsea defender Branislav Ivanovic in April, and Wright thinks it is misdemeanours like this that make Suarez unattractive to the top clubs.
"Suarez is a world-class striker and if he didn't have all the baggage around him, I feel the Barcelonas, Real Madrids and Bayern Munichs would be sniffing around," Wright added.
"That's why I believe Arsenal should try to bring him in - because I feel it's the only time they could get someone like that. In another market, I don't think he'd even look at Arsenal."