Barca announced that they had agreed a deal which would see the Catalan club receive €6m.
Suarez joined Barca in 2014 from Liverpool and helped the club win four LaLiga titles, four Copa del Reys and the Champions League in 2015.
A Barca statement read: “FC Barcelona and Atletico Madrid have reached an agreement for the transfer of the player Luis Suarez. The Madrid club will pay FC Barcelona €6m in variables.
“FC Barcelona would like to publicly express their gratitude to Luis Suarez for his commitment and dedication and wishes him all the best for the future.”
The club also said there would be a farewell event for the player and a remote press conference on Thursday afternoon.
Diego Simeone’s Atletico were in the market for a striker after Alvaro Morata joined Juventus.