The Uruguay star issued an apology on Twitter after receiving a four-month ban and nine-game international suspension for the incident.
The Liverpool forward has been barred from all soccer-related activity for four months, banned for nine competitive international matches and hit with an 80,000 euro 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 teammate 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 10 games after biting Branislav Ivanovic while playing for Liverpool.
The Uruguayan FA has informed FIFA that it will appeal against the ban, though it remains to be seen if Suarez's apology will change its stance.