The Ivory Coast international left the Gunners four years ago to join Manchester City in search of silverware, winning the FA Cup and Premier League.
Goal exclusively revealed on Wednesday Arsenal are preparing a £35 million bid for the Uruguayan after having an initial £30m bid rejected, but Toure feels Suarez will end up rejecting the move if it materialises.
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"It's a top professional club. Luis is a great player, a fantastic player. He is a massive player for Liverpool, but it's up to the club to decide what is best for this football club."
The 32-year-old spoke of his delight at being the one chosen to replace the recently retired club legend Jamie Carragher and to play for an "unbelievable" club like Liverpool.
He added: "It's an honour to play for Liverpool. This club is unbelievable. I have been here for two weeks and I have seen a lot of good things.
"I know Jamie Carragher was a really important player for this football club. He's retired now. Liverpool have looked for somebody to replace him and I'm the one!
"It's a massive honour, firstly, to be chosen. To replace Jamie Carragher is unbelievable because he was such a fantastic player for this football club and a great leader.
"It will not be easy for me, but I will do my best."
Toure also revealed he had offers from numerous clubs but was delighted when Brendan Rodgers reached out to him as he could not turn down the team's winning tradition.
He continued: "I had different offers, but when I got the phone call from Liverpool, I was like, 'Wow!"
"I made my decision straight away. Liverpool are not in the top four, but they have the history and the quality. They have the players and the winning mentality as well.
"This club is a winning club. I want to be part of the story here and that's why I came."