Former Barcelona and Liverpool striker Suarez provided a spark last season that led to LaLiga title glory for Diego Simeone's team.
That was his first campaign with Atletico after Suarez reluctantly moved on from Barcelona, and he finished with 21 goals from 32 league games.
The 35-year-old has not made the same impact this season, albeit still reaching double figures for goals in the Spanish top flight, and his departure had been expected.
Confirmation came when Atletico said ahead of Sunday evening's clash with Sevilla that it would be a final home game for the club for Suarez and Hector Herrera, who in March agreed an end-of-season move to Houston Dynamo.
Atletico said in a statement on Twitter: "At the end of the game, the Wanda Metropolitano will pay tribute to Luis Suarez and Hector Herrera, who are saying goodbye to the Red and White family today."
Club president Enrique Cerezo hailed Suarez's impact on the club, as the Uruguayan veteran nears the end of his two-year contract.
Cerezo said: "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."
Quoted by AS, Cerezo said: "We will have great memories of him. He has been a magnificent player, he has been one of those who has achieved a Liga."
Suarez was recently linked with a shock return to Barcelona, where he ranks at the third-highest goalscorer in the club's history, behind Lionel Messi and Cesar Rodriguez.