The former world number six is a seven-time grand slam quarter-finalist and has won two WTA singles titles in her career.
Suarez Navarro reached the final of the doubles at the WTA Finals in 2015 alongside Spanish compatriot Garbine Muguruza, suffering defeat to Martina Hingis and Sania Mirza.
The 31-year-old is ranked 55th in the world, having won 18 of her 36 matches in 2019, a year in which she reached the fourth round at Wimbledon before losing to Serena Williams in straight sets.
"The 2020 season will be my last year in the professional tennis circuit," said Suarez Navarro. "The sport has been a fundamental part of my life - it has given me immense joy and I cannot be more grateful for all the experiences that it has allowed me to live.
"At this time, I notice that the time has come to complete a beautiful chapter and begin to enjoy other areas of life. Tennis will always be in me.
"Tennis right now has a very high demand. To be high in the ranking you need absolute consistency, a world-class level of physical conditioning and a 24-hour daily psychological commitment.
"I have been in high competition for more than 15 years and have lived through these realities since the beginning of my adolescence. These are lessons that have formed me as a person and that will serve me for a lifetime.
"I want to enjoy one last season with the same professionalism as always. I am going to do a quality preparation, my whole team is going to travel with me from the month of January and I plan to compete until the end of the season. My desire is clear: to be proud of this last effort when I reach the end of the road."