As confirmed last month by his current coach at Grêmio, Renato Gaúcho, Suárez, 36, will depart the Porto Alegre-based club at the end of the Brazilian Serie A season in December despite being only halfway through the two-year contract he signed in December 2022.
The one-year deal with an option to renew for a second year has been agreed upon with Miami and all that remains is to sign the contract, sources told ESPN.
Suárez -- Uruguay's all-time top scorer with 68 goals in 137 appearances for La Celeste -- is Grêmio's leading scorer this season, with 10 goals and 10 assists in 31 league games.
The two-time Serie A champions, who were relegated in 2021 only to bounce back one year later, sit third in the table, three points behind leaders Palmeiras with seven games remaining.
Rumors about a potential Suárez move to South Florida began circulating over the summer when Suárez admitted the high demands of the Brazilian league were taking a toll on his body, especially his knees.
Suárez spent six seasons playing alongside that trio at Camp Nou from 2014 to 2020, winning four Spanish La Liga titles and the 2015 UEFA Champions League.
Last month, Inter Miami coach Gerardo "Tata" Martino confirmed his club's continued interest in signing the veteran striker.
"When the moment arrives to make Suárez's situation with respect to Inter Miami official, we'll be prepared to go in the corresponding direction," he said.