The Uruguay international will sign the new deal, which will keep him at the club until he is 34 years old and contains a release clause of 200 million euros ($207 million), on Friday.
Suarez has scored 97 goals in 116 games for Barcelona since signing from Liverpool in 2014 for a reported 81 million euros ($84 million), and has collected eight major trophies.
He netted 40 times in the league last season, making him top scorer in Spain and landing him the European Golden Shoe award for the top marksman in Europe's top five leagues.
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"I feel complete happiness because I am where I want to be," Suarez said on Thursday.
"It's now official. I never put any obstacles in the way of a renewal. I will never lose my ambition and enthusiasm for winning trophies and scoring goals."
Suarez's contract renewal comes two months after strike partner Neymar penned a new deal with Barcelona, meaning talisman Lionel Messi is the only member of the feted "MSN" attacking trident who has yet to sign a new contract with the club.
Suarez said he hoped Messi, whose current deal expires in 2018, would follow his lead, although he said the Argentine would make his decision on his own terms.
"My renewal has nothing to do with Neymar or Messi's. Leo is a legend and he knows what he has to do and decide," added Suarez.
"As a team mate, I am available to help him out but Leo is old enough to decide for himself. We are friends and we have a great relationship, but he is an adult and he has to take that decision."
(Reporting by Richard Martin, editing by Alan Baldwin, Neville Dalton)
