Arsenal have been tracking Suarez all month and have finally got their man in their preferred deal.
Suarez will stay at Arsenal until the end of the 2018/19 season and the Gunners will then have the option to sign him.
Barcelona confirmed Arsenal will pay Suarez’s salary during his spell at the Emirates.
Suarez has also signed a new contract with Barcelona, extending his deal until 30 June 2021.
The 25-year-old, who made 71 appearances for Barcelona in three seasons, won five trophies at the Nou Camp – La Liga, two Copas del Rey and two Spanish Super Cups.
The deal for Suarez is Arsenal’s first of the transfer window and reunites him with his former manager Unai Emery.
And Suarez’s former Manchester City team-mate Joan Roman has backed him to be a success in north London.
“He hasn’t changed too much, maybe a little bit bigger and stronger but his passing and moving is almost the same,” said Roman.
“At City, he was only playing in central midfield but at Barcelona B, he started playing on the wing sometimes.
“He has got the skills and the intelligence to play football.
“He is also not afraid, he believes in himself and the rest just comes from playing to get confidence.
“I think he is a very technical player. He is one those you enjoy watching, as aesthetically it is very nice to watch.
“Also, he doesn’t seem strong, but he is strong – he uses his body very well. Personally, I think he is a very good player.
“His skills and his passing are very good. He has great vision on the pitch.
“On the ball, he knows how to make the rhythm of the game, he knows how to accelerate it and how to slow it down.
“These are his main attributes.”