Apparently the clause in his contract says he can talk to a club, it wasn't a minimum fee release clause otherwise he would of been gone already. Then if it's true what he is saying that the club promised him he could go to a CL club if we didn't qualify then fine, leave, I think we'd be a better club without him. We've stood by him endless times and this is how he repays the club? Doesn't mean we should sell him "cheap". I'd be happy with £50m but £40m in this current market is just not good enough.
Thing is, in this market, Neymar, a player who has been a future star for years, looked outstanding in the Confed Cup, and is a marketable brand in Brazil, now a more successful economy where marketability actually matters now - went for £47m to Barca. For all Suarez's skill, he has problems with marketability.
I've spoken face-to-face to many friends who are Arsenal fans, including parents of young Arsenal fans (the parents fans themselves), in their opinion they don't want the player to join and I'm inclined to agree with that. .. they're very unlikely to buy Suarez shirts despite the success of the player on the pitch, and his sponsorship tie-ins are going to be limited both as an individual and for the club. Racism and violence are just too toxic to associate with your brand in the corporate world, football lives in its' own bubble in that respect.
What you end up with is a severe reduction in value, both due to his overt willingness to leave the club he is at right now, his past transgressions, and his 'baggage' - the fact that nobody actually thinks any of these transgressions are suddenly going to stop as soon as he moves, and he has made it clear he wants to move, with the only interested club already having posted an offer many people would find acceptable were it Real Madrid making it.
It would seem to me that the "if Bale is worth.." argument is entirely moot due to Real holding half of the player's commercial rights for the duration of their contract, which in the case of Bale would most likely be lucractive. He's photogenic, talented, athletic, professional, and only likely to become more famous in the future so - exactly what sells well for sponsors. His transgressions are nothing like racism and violence, you could only say he goes down too easily.. worlds apart.
Oh and the important thing to remember about value, is that it is
purely what the buying team(s) is/are willing to pay. If Suarez continues burning his bridges, irritating fans to the point of them burning their shirts and being "injured" a day before avoiding going on tour .. (a tour to see the fans who have supported him!) ... then he can only make the club and fans look more stupid by him returning to the line-up if he doesn't move, and demonstrating he can do exactly what he wants and still get playing time. Lets be honest, nobody is going to force him to sit on the bench all season, especially if the club starts drawing and losing matches where he'd have potentially made a difference. I wouldn't be surprised if Wenger didn't want to sign him much at all, and just feels de-stabalising Liverpool is worth it, considering they're challenging for similar places next season. It seems to be working rather well.
edit: actually misquoted Neymar's transfer, it was a £47m fee not £57m.