So I thought I'd wander into the Varric thread and see what was up, and this thing of beauty has just reminded me exactly how much I loved Varric in DA2. And how frustrated I was that hitting on him produced zero results. And what a hot jacket that is.
I think I need to come in here more often. 
If you don't mind my asking, is there a going theory in here on if/how he'd be gated if he's available? I'm planning on playing an elf and then a human (one a rogue, one a mage, haven't decided which is which yet but both female) and I'm hoping that if Varric is a LI that he'd be an option for either. For what it's worth, I'm feeling like he's awfully likely as one of the remaining two.
I wanted to mention that I didn't forget about this post.
If Varric is gated, this is what I figure.
Qunari--Maybe. I'm of two minds about this.
I'm going to do some more research on the effects of PTSD, but I wouldn't be surprised if Varric's got a mild case of it due to the Qunari. Not to the levels that apparently Iron Bull's story arc is getting into, but I think it's still there for Varric. My husband recommended a couple of documentaries about that. I know of vets of wars as well as victims of terrorist attacks that don't hate every member of the aggressor's group, and might have friends with them after the conflict. The ones that are shell shocked don't typically feel romantically attracted to the group, although there are exceptions of course.
I don't think he'd actively be racist towards any Qunari. I don't think he's changed that much; I can't see Varric hating ever single member of any group just because of how they were born. Perhaps very cautious, leery, but not hating every member of the race. I also think the gate might happen, but not just because of Kirkwall. Remember, Tallis was of the Qun and thanks to her, he found himself battling a wyvern and almost starting a huge political SNAFU. So far, the ways of the Qun have come back to bite him in the arse twice. We all know that our Qunari isn't of the Qun and I'm pretty sure we can tell Varric as such. That doesn't mean that the association would ever entirely go away. Combine the two and I don't see how a romantic attraction would work.
On the other hand, this would be the perfect time for a romance arc with a Qunari Quizzy, who teaches him that not all Qunari are born of the Qun. That helps him overcomes his mistrust of every member of the Qunari race, as well as his past with Bianca. Talk about an awesome battle couple. Just be standing there, she would have an expression that reads as, "Just try it," with a look from Varric like, "Oh please do. Bianca was getting bored."
I think the romance would also look lovely, especially thanks to the "One Size Fits All" fanart that Aimo did.
Human--I really doubt this one. I didn't even know about the "not into humans line," until after I started posting full time back in November. I had never done the Merrill romance and to this day, I've done it only once on my only male Hawke. That seems awfully obscure to put it in one conversation in one part of the dialogue tree during an entire romance arc. I figure that Hawke was being enough of a jerk to hit on Varric in front of their lover, so Varric was trying to be a gentleman. Considering, you know, Merrill was standing right in the room at the time. 
That's just what I figure, anyhow.