Arsenal will have to pay £55 million if they still want Luis Suarez, after the striker dropped his pursuit of arbitration as a means of leaving for less, The Mirror reports.

Arsene Wenger had indicated he was ready to dig in and wait to see the outcome of a contract dispute between the striker and Liverpool, after submitting a bid of £40m plus one pound - which was supposed to trigger a release clause.

Yet, in fresh talks early this week with his club, Suarez has finally conceded he will not approach the Premier League to arbitrate - because the contract clearly states Liverpool have no obligation to sell him at ANY price.

And with the 26-year-old under contract for another three years, manager Brendan Rodgers and the Reds' board are determined to keep him unless their valuation - thought to be around the £55m Paris Saint-Germain paid Napoli for Edinson Cavani, Suarez's Uruguay strike partner, a fortnight ago - is matched.