Suarez, 33, returned to Barcelona pre-season training despite initially being told that he's no longer part of the club's long-term plans under new head coach Ronald Koeman.
It was reported that Suarez was in talks over a move to Juventus but the players' salary demands is said to have steered the Serie A giants towards AS Roma striker Edin Dzeko.
As a result, Koeman made a u-turn on his stance over the Uruguayan superstar, suggesting that he would not freeze him out the first-team squad or banish him to train with the reserves.
But with no guarantee of first-team football, Atletico has now swooped in to secure one of the most prolific scorers in Spanish top-flight history.
According to SkySports Italia, Suarez impending move will create a domino effect of deals with Àlvaro Morata set to return to Juventus from Atleti.