Suarez has been with the club for the last two seasons after joining from Barcelona.
The 35-year-old scored 21 goals in 32 games to help Atletico Madrid win the La Liga title in his debut season and has added 11 more from 34 appearances this term for the Rojiblancos, who are third on the table.
Atletico confirmed prior to Sunday's 1-1 draw with Sevilla that Suarez's two-year stay at the Wanda Metropolitano will be coming to an end.
The Uruguay international featured for 64 minutes before getting substituted to a round of applause from the home crowd.
Atletico president Enrique Cerezo hailed Suarez's impact at the club, saying: "Luis Suarez is a magnificent player and a great person. He deserves everything in this club and will always have a very prominent place. In the museum and in any part of this stadium, Luis Suarez will have a very prominent part."
"We will have great memories of him. He has been a magnificent player, he has been one of those who has achieved a Liga."
Atletico Madrid manager Diego Simeone added: "He came to try to remain at the top, to show how competitive he is."
"He helped us, and we helped him to win LaLiga where he was decisive due to his forcefulness. This season, despite not playing the games he would have wanted, he is still the team's top scorer.
"I wish him the best, with absolute gratitude to an extraordinary footballer and to a person who goes beyond a footballer."
