Barca will receive €6 million in variables for the veteran striker.
The deal is subject to Suarez "passing his medical and agreeing and formalizing" his contract, Atletico noted.
It was unclear whether the move would even take place. Barcelona had reportedly agreed to terminate Suarez's contract but changed tune upon learning a direct rival was interested in signing him. Suarez reportedly threatened to call a press conference alongside a team of lawyers, but the club eventually allowed him to leave.
Barcelona will hold a "farewell event" for Suarez on Thursday, which will include a press conference.
The Uruguayan international was close to joining Juventus before thrashing a deal with Atletico. He even traveled to Italy to obtain his citizenship, which would've facilitated a transfer to the Serie A champions. But there wasn't enough time for Suarez to get an Italian passport, leading Juventus to sign Morata instead.
Suarez joined Barcelona from Liverpool for €75 million back in 2014, and formed one of the most prolific triumvirates in world football alongside Lionel Messi and Neymar. He put up his best numbers during the 2015-16 season, winning the La Liga scoring title as part of a prolific 59-goal campaign.
In all, he scored 198 goals in 283 appearances with the Blaugrana, winning the Champions League once, La Liga four times, the Copa del Rey four times, and the Club World Cup during his six seasons there.