The details were announced as part of Miami's 2025 roster decisions on Thursday. The club also noted that it was in discussions with key player Tadeo Allende, whose loan from LaLiga side Celta Vigo expired following the season.
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Suárez joined Inter Miami in December 2023 on a one-year contract, before the forward decided to extend the deal through the 2025 MLS season. His latest deal expired following Miami's win over the Vancouver Whitecaps on Saturday to clinch the club's first MLS Cup title.
Speaking ahead of the final, Miami co-owner Jorge Mas said that it would be up to Suárez whether he continues his career with Miami.
"Luis Suárez is a legend of football, he is one of the best nines not only of this generation but of all time," Mas told reporters. "Luis will have to make a decision when the season is over, so tomorrow."
He added: "Luis deserves to be able to make that decision to be able to leave through the front door and be celebrated like he should be by the club. And if he decides to stay at the club for another year, it would be great. I would like to see Suárez stay."
De Paul arrived in Miami from LaLiga giants Atlético Madrid on an initial loan until the end of 2025 with an option to make the transfer permanent through the 2029 MLS season, which the club has now exercised. A source told ESPN at the time that a four-year contract was ready to be signed at the end of this season that would pay him $12 million annually.
With the retirement of midfielder Sergio Busquets following the MLS Cup final, Miami now has a Designated Player spot open to sign De Paul to a larger deal.
It remains to be seen if the club can keep Allende. The 26-year-old Argentine scored Miami's third goal against Vancouver to clinch the championship and set an MLS playoff record with nine goals in a single postseason.
Miami also said it remained in discussions with three other players whose loans have now expired -- Allen Obando, Rocco Ríos Novo and Baltasar Rodríguez.
Meanwhile, the club confirmed it had declined its contract options on Fafà Picault and William Yarbrough, while defender Marcelo Weigandt's loan from Boca Juniors has expired.
The club currently has 14 players under contract for next season, including back-to-back MLS MVP winner Lionel Messi. Miami announced earlier on Thursday that it had signed homegrown defender Ian Fray to a new contract through the 2028-29 season.
The players currently under contract are: Noah Allen, Tomás Avilés, Israel Boatwright, Yannick Bright, Maximiliano Falcón, Ian Fray, Tyler Hall, Gonzalo Luján, Lionel Messi, Santiago Morales, David Ruiz, Mateo Silvetti, Telasco Segovia, and Oscar Ustari.
Information from ESPN's Lizzy Becherano was used in this report.
