It is believed that a fee in the region of £75m will be paid for Suarez, who is expected to pen a five-year deal when he undergoes a medical at Camp Nou next week.
A club statement read: "Liverpool FC confirms that Luis Suarez will be leaving the club after a transfer agreement was reached with FC Barcelona. The player now has permission to complete the usual formalities, which will then conclude the transfer.
"We would like to thank Luis for his contribution and the role he played in helping bring Champions League football back to Anfield.
"Everyone at Liverpool Football Club wishes Luis and his family well for the future."
Suarez won a number of individual accolades last season as he netted 31 goals in 33 Premier League matches for the Merseyside club, but his future was thrown up in the air after he was banned from club duty until the end of October after biting Giorgio Chiellini at the World Cup.
That resulted in Barcelona stepping up their efforts to sign the striker, and after over a week of talks, the Catalan giants have secured the signature of the controversial forward, who will wear the number nine shirt when he returns to action later this year.