Perisic delivered a transfer request to Inter while Suarez was recently left out of the Barcelona team following speculation about his future
Arsenal can bring two players before the deadline, according to Unai Emery.
Ivan Perisic of Inter Milan and Denis Suarez of Barcelona were strongly linked to moves in the Emirates.
All players joining the club will be on loan as Emery said the funds are not available for permanent transfers.
Perisic delivered a transfer request to Inter while Suarez was recently left out of the Barcelona team following speculation about his future.
Speaking ahead of the Gunners match at Cardiff on Tuesday, Emery said: "This transfer (window) is not easy and the message is that the club is working on different players and the possibility is useful for us.
"We are looking at two different players and the possibility that they can come.
"If they do not come to help us as we want, I prefer that they do not come."
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Emery mentioned his reluctance to recruit defensive reinforcements, despite injuries to Sokratis Papastathopoulos (ankle) and Laurent Koscielny (jaw).
The Spaniard added: "We have enough players, central in the team, only we are having a lot of injuries and a lot in this position.
"If we can bring another player and when all the players want to play, we can have a lot of problems in the future."
Sokratis and Koscielny were injured in the FA Cup defeat of last Friday against Manchester United.
Sokratis is expected to come out for "maybe two or three weeks," Emery said, while Koscielny's jaw is bruised, but not broken.
The Frenchman will miss the Premier League clash on Tuesday with Cardiff, but could return for Sunday's trip to the Manchester City champions.