Suarez is set to join Juventus, after agreeing personal terms with the Italian club, and new Barcelona boss Ronald Koeman sees his compatriot Depay as the ideal replacement.
The Dutchman has impressed for Lyon since joining the club in 2017 after a failed spell at Manchester United and Koeman has worked with him for the Netherlands national team.
Spanish publication La Vanguardia reports that a fee has now been agreed and Depay is set to make the move to Barcelona for £22m.
It seems a relatively low fee for the 26-year-old, but with just one year left on his contract at Lyon, the Ligue 1 side are forced to cash in while they can.
Lyon boss Rudi Garcia admitted that, while he would rather keep hold of the striker, he would not stand in the way of a move to a club like Barca.
‘Memphis is a top player, he is a fantastic player who is returning following an ACL operation,’ the French boss told TF1. ‘If he can do the season with us, we will be stronger for it.
‘Nobody is gone yet, with COVID, we don’t know if there will be offers like there are in each season.’
Koeman is looking to create something of a Dutch contingent at the Camp Nou as he tries to secure a deal for Liverpool midfielder Georginio Wijnaldum.
Reports suggests he is available for just £15m and, while the Catalan club are trying to negotiate an even cheaper deal, they are likely to meet Liverpool’s valuation.