There had been suggestions that Suarez would use Premier League arbitration to resolve the dispute after Arsenal bid £40,000,001 for the player.
The Daily Mirror report that after Suarez accepted the situation, Arsenal will have to stump up close to £50 million to land the Uruguayan.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.