The Gunners do not have a huge transfer budget and will need to be astute with their signings this summer and the huge advantage with both Sturridge and Moreno is that they are free.
But you have to question the wisdom of taking on either player, for starters, Arsenal offloaded Danny Welbeck because of his injury record, well, Sturridge is just as bad in that department, if not worse.
As for Moreno, he has hardly been a pillar of consistency for the Reds and that is why he has been released, simply put, he was not good enough and so you have to ask if he is not good enough for Liverpool, why should Arsenal then take him on?
Well, there is some background to take on board, the Arsenal manager Unai Emery knows Moreno well, they worked together in Sevilla and if anyone can get the best out of Moreno you have to think it would be Emery.
If Arsenal is to make a move for either player then Moreno would be the more logical one to pursue but considering some of the transfer business Arsenal have done in the past do not be surprised if they did go for Sturridge instead.