Suarez, 33, will leave the Spanish giants after six glittering seasons after Koeman held crunch talks with the Uruguayan, following his recent comments about his future.
According to RAC1, Suarez was informed by the Dutchman to agree to terminate his contract by mutual agreement with immediate effect as he is not part of his plans for the 2020/21 season.
Last week, club president Josep Bartomeu confirmed that several of the club stalwarts will depart as part of a squad overhaul which included thee former Liverpool striker.
Sport has confirmed that Suarez will be offered a percentage of his earnings for the final year of his contract in order to facilitate the swift exit as the club looks to replace him imminently.
Juventus and AFC Ajax have already been linked with a move for the prolific forward who will not be short of suitors when he is officially released by the Blaugrana.
Suarez has scored 198 goals and registered 109 assists in 283 games since joining the Spanish giants from Liverpool in an €82-million transfer in July 2014.