But while all three clubs are interested in signing Balotelli if he becomes available, none of them see him as their first choice.
It is thought that Arsenal consider Real Madrid forward Karim Benzema their priority and are already in talks with the Spanish club over a move.
However, with Real on a high after claiming their tenth Champions League title over the weekend, the Gunners are wary that they may not be able to prise Benzema away.
The Anfield club are confident it won’t come to that after Suarez’s recent positive comments about staying in England, but are preparing for the worst-case scenario in any event.
Chelsea could similarly enter the race if they miss out on their top striking targets this summer, with Jose Mourinho familiar with the enigmatic player from his time in charge at Inter Milan.