The Liverpool forward has been barred from all football-related activity for four months, banned for nine competitive international matches and hit with an €80,000 fine.
Suarez had previously denied biting the defender, instead insisting his face "hit against the player, leaving a small bruise ... and a strong pain in my teeth" but has now come clean.
My apologies to Chiellini: pic.twitter.com/CvfkkjxzlM— Luis Suarez (@luis16suarez) June 30, 2014
The fallout from the incident has been vast and wide-reaching, with the president of the Uruguay Football Association, Jose Murjica, calling the ban "fascist" and Uruguay team-mate Diego Lugano branding it an "act of barbarity".
Suarez was previously banned for seven matches in 2010 for biting PSV's Otman Bakkal, during his time at Ajax before being suspended for a further 10 games after biting Branislav Ivanovic while playing for Liverpool.
The Uruguayan FA have informed Fifa that they will appeal against the ban, though it remains to be seen if Suarez's apology will change their stance.
Chiellini himself has called the punishment on Suarez "excessive" and took to Twitter shortly after the Uruguayan's apology to make it clear he holds no grudges over the incident.
.@luis16suarez It's all forgotten. I hope FIFA will reduce your suspension.— Giorgio Chiellini (@chiellini) June 30, 2014