Suarez has been a mainstay at right-back for Botafogo since joining the Rio de Janeiro outfit from Spain's Getafe in February.
But the 36-year-old has fallen out of favor after submitting a transfer request earlier this month amid reports linking him with Uruguay's Penarol, Globo Esporte reported.
It said that Botafogo manager Artur Jorge has told Suarez that he is no longer a part of the club's plans.
Suarez, who has been capped seven times for Uruguay's national team, began his career with Montevideo-based side Defensor before successful spells in Spain with Sporting Gijon, Elche and Getafe.