The Catalan club will imminently announce the capture of the Uruguay star after agreeing to meet the release clause inserted in the striker's new Liverpool contract last December.
The agreement comes after a week of negotiations between the clubs, with an announcement expected in the coming days - perhaps even within 24 hours.
Barcelona has captured Suarez in a straight cash deal after agreeing to meet the release clause in the Liverpool contract he signed last December.
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It is believed that Suarez will undergo initial medical examinations from Barca doctors in his native Uruguay, where he has been staying following his country's elimination from the World Cup.
Officials from the Catalan club have been negotiating with their counterparts from Merseyside in the last week over the structure of payments in the deal, with Liverpool pushing for a higher initial sum.
An agreement has now been reached and the final formalities will be completed before Suarez is announced as Barcelona's marquee signing of the summer.
The 27-year-old is currently serving a four-month ban - which runs until October 26 - for biting Italy defender Giorgio Chiellini while playing for Uruguay in his nation's final World Cup group stage match.
Under the terms of the suspension, Suarez is not allowed to train with his club or enter the confines of any stadium during his ban.
Barca will partly fund the signing of the 27-year-old by selling Alexis Sanchez to Arsenal. The Chile World Cup star will move to Emirates Stadium after Arsenal agreed a package worth €40 million with the Spanish club.
Liverpool will now look to strengthen its squad using some of the money from the Suarez deal. The Merseysiders are on the verge of completing a triple swoop for Benfica winger Lazar Markovic, Lille striker Divock Origi and Southampton defender Dejan Lovren.