The Uruguay striker saved a sure goal from Ghana in the final minute of extra-time during the quarter-final clash at Soccer City by punching the ball off the line. The Ajax forward was given his marching orders and Ghana were awarded a penalty, but Asamoah Gyan failed to convert it and the Black Stars subsequently went on to lose in a penalty shoot-out.
This led many to suggest a new rule be instituted that would enable such 'penalty goals' to stand, but Blatter has rejected discussing such an idea.
"That meeting in October is when we will discuss the question of goal-line technology and take on such situations as we have witnessed in this competition with Suarez in the last minute of the match between Uruguay and Ghana," Blatter said in a press conference.
"You have seen in this competition and in others that it's so difficult to say if a ball is in or out. But if it is not in then no referee can declare it is a goal, this is definite."
However, the 74-year-old did admit that discussions over introducing goal-line technology would begin soon.
"The international board will reopen the discussion on goal-line technology but this is not just to satisfy problems that have come up during this competition," he said.
"We have already received from different parties new approaches to how such technology could be installed and the easiest way [to do so].
"We will have a meeting on July 20 in Cardiff and this meeting will not deal with goal-line technology but will be put on the agenda for the normal business meeting in October."