Barcelona have agreed to terminate Suarez’s contract two years early after deeming the 33-year-old surplus to requirements.
After talks with Juventus collapsed, Suarez has sensationally agreed to leave Barcelona and join their LaLiga rivals Atletico.
Barcelona reportedly backtracked on their agreement with Suarez once they learned he would join Atletico but have now sanctioned the move.
Suarez, who has agreed to half his €30m a year salary to join Diego Simeone’s side, will replace Alvaro Morata at Atletico after the Spaniard secured a return to Juventus on Tuesday.
The Uruguay international has spent the last six years at Barcelona but has been forced out the club by new head coach Ronald Koeman, with Antoine Griezmann set to be rewarded with a central role unless Memphis Depay joins from Lyon.
Since completing a blockbuster £74m move from Liverpool after the 2014 World Cup, only Barcelona team-mate Leo Messi (201) has scored more LaLiga goals than Suarez (147).