The Uruguay international had been eager to leave England, aggrieved by his treatment from the British media, but the Reds were unwilling to let their star player leave.
Arsenal, whose participation in the Champions League appealed to Suarez, had pushed hard to sign the 26-year-old, though a bid of £42 million - which would have smashed their transfer record - was rejected.
And now the former Ajax frontman appears to have finally accepted Liverpool's no-sale stance, and says the club's passionate fanbase has convinced him to remain on Merseyside.
He told Uruguayan newspaper El Observador: "Right now, because of all the love of the fans, I will be staying."
Despite Suarez's latest committal to Liverpool, the Uruguayan seemingly has a lot of bridges to mend with the club after he threatened legal action as he disputed a clause in his contract.
Manager Brendan Rodgers, meanwhile, will be delighted to be able to call on Suarez next season, though has previously insisted that the striker must apologise for his conduct.
"Initially there will be an apology to his team-mates and the club," said Rodgers. "Then a recognition that he is ready to fight for the club.
"I know that we are not seeing the Luis Suarez I know. He has spent some days working on his own. When he comes back from Uruguay we will see how it goes further.
"We are all on the same page. He won't be going to Arsenal, that's for sure. When Luis is committed to the cause, we will welcome him back with open arms."
Suarez, who has six games remaining of his ban for biting Chelsea's Branislav Ivanovic, was the Premier League's second highest scorer last term with 23 goals.
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