It will also end factory involvement in the World Endurance Championship.
"Suzuki Motor Corporation and Dorna have come to an agreement to terminate Suzuki’s participation in MotoGP at the end of the 2022 season," the company said in a statement.
It gave no financial details of any settlement.
The manufacturer announced in May that it wanted to leave MotoGP, despite having previously committed to 2026, but Dorna had said Suzuki could not make a unilateral decision.
Suzuki president Toshihiro Suzuki said in a statement on Wednesday that the decision to leave MotoGP was due to "the need to re-allocate resources on other initiatives for sustainability."
He said Suzuki would support riders Alex Rins and 2020 world champion Joan Mir until the end of the season.
The last time Suzuki won the world title was back in 2000 with Kenny Roberts Jr.
