The Gunners are in the market for a playmaker after seeing Aaron Ramsey edge his way towards the exits.
With the Wales international destined to leave for Juventus as a free agent, as revealed by Goal, Unai Emery needs to find a suitable replacement.
Various options have been mooted, with Suarez among them, but speculation regarding a move for Colombia international James is building.
“I believe he is a proper No. 10, I like him in the middle of the park controlling the game.
“He has this quality - it's a mix of [Cesc] Fabregas and Isco - and I think he would be a very good signing for Arsenal.
“If I had to choose between them [James and Suarez] - knowing the situation with Ramsey - Arsenal definitely need an attacking midfielder and need to get a player who has the personality to direct a game and not hide all the time.
“I think James Rodriguez is one of them.”
While talking up possible additions at Emirates Stadium, Petit has questioned why Ramsey is looking for a way out of north London, with the 28-year-old told he is “making a mistake”.
The Frenchman added: “I don't want to be negative but I don't know why he is going to Juventus, honestly.
“Serie A? It is not the Premier League guys.
“The Premier League is the best in the world, it is the most competitive championship.
“You see it every year, you have three or four teams fighting for the title.