Suarez took over in 2011, filling the void of Mexican Juan de Dios Castillo and he subsequently coached the country to two editions of the CONCACAF Gold Cup, the 2012 London Olympic games and this year's World Cup.
The Ecuador native guided Honduras to the semi-finals of the Gold Cup on both occasions, while they also reached the second round of the Olympics, helping to knock out Spain.
After ending the World Cup with no points following defeats to France, Switzerland and Ecuador, Suarez opted to not renew his contract and he leaves his post, suggesting the team needs fresh impetus.
"Five minutes ago I decided to leave my post," he revealed to reporters on Tuesday. "This is not a resignation, it's just the end of the contract with Honduras.
"I think for the sake of myself and for the good of Honduras, a change is necessary.
"A good job has been done. I am very satisfied, not with the World Cup, but for all that happened in the process of the generational change.
"We had complications because we had to replace players with a lot of character and of stout personality, and I think that was achieved.
"We managed to make a good impression (on the World Cup), we even managed to have a very good Olympics with a group that I think in future will perform on behalf of Honduras.
"But I think someone else can come here and make things better. I will always remember fondly the people of Honduras, but I feel sad for not fulfilling their expectations.
"It was always going to be hard, but I dreamed that we could get into the knockout phase.
"I'll always cheers for Honduras, I'll be a fan of Honduras. I'll be a fan of any team to play a Honduran in."
