The 35-year-old has spent two years in the Spanish capital and Atletico confirmed his exit before their LaLiga home clash against Sevilla.
Suarez moved to Atletico from LaLiga rivals Barcelona on a free transfer in 2020 and played a key role in helping Diego Simeone’s team side claim their first league title since 2014.
The striker scored 21 goals in all competitions during the 2020-21 campaign, including the winning goal in the final day victory at Real Valladolid to clinch the title.
The Uruguay international has struggled to reproduce his fine form this season and has not enjoyed much playing time on the pitch.
Suarez has contributed 13 goals and three assists in all competitions this term but hasn’t been a first-team regular and only played eight minutes during Atletico’s Champions League knockout matches against Manchester United and Manchester City.
He started Atletico’s final home game against Sevilla and was given a standing ovation from the supporters when he was taken off in the second half.
The game finished 1-1 and the result secured Sevilla’s place in the Champions League next season.
Suarez could make his last appearance for the club will come at Real Sociedad next week.