Arsenal are working on deals to sign Real Madrid pair Karim Benzema and Angel Di Maria, the BBC reports.
The Gunners are prepared to pay £40m for 25-year-old France striker Benzema after missing out on Higuain and Suarez
Arsenal manager Arsene Wenger is keen to further boost his attacking options with Argentina international Di Maria, 25, who plays on the left wing.
It is understood Wenger is also chasing a goalkeeper and a defensive player.
Wenger is a long-term admirer of Benzema, who joined Real from Lyon for £25m in 2009, while Di Maria arrived at the Bernabeu from Benfica a year later.
Arsenal's only summer signing to date is the Yaya Sanogo on a free transfer from Auxerre, but it is thought they could spend close to £100m by the close of the transfer window at 23:00 BST on 2 September.
Speaking after his side's win in Turkey in their Champions League qualifying play-off first leg, Wenger admitted the pursuit of Suarez was over.
Arsenal saw two bids rejected for the Uruguay forward as Liverpool insisted he was not for sale.
"Absolutely no chance of that," said Wenger of Suarez arriving at Emirates Stadium.