The Uruguay international was heavily linked with a move to Arsenal during the close-season but a switch failed to materialise, despite the London club making two formal offers for his services.
However, even though he would have provided more competition for places, Frenchman Giroud feels Suarez would have made a great addition to Arsene Wenger's squad.
"When the name of Suarez was circulating, I honestly thought it was a good thing for the team," the 26-year-old told L'Equipe.
"We would've complemented each other. Suarez can also play out wide."
Arsenal were also linked with a move for then-Real Madrid forward Gonzalo Higuain before the Argentina international instead opted to join Napoli.
And Giroud, who has scored four times in the Premier League this season, claims Higuain's arrival would have posed more of a problem for him in terms of retaining a starting place than Suarez.
"We would have been in direct competition because he is a pure central striker," he continued.
"Of course, at the time, it would have bothered me a bit but I was not afraid of competition."
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