The hosts had suffered rotten luck in front of goal on what had been a largely frustrating evening, with Suarez hitting the post from point-blank range, and he also had a number of efforts saved by the inspired visiting shot-stopper Sergio Herrera.
The woodwork shook for the second time in the opening 45 minutes when Saul Niguez's superb shot from distance crashed off the outside of the post on the stroke of half-time.
Atleti thought they had finally broken the deadlock just shy of the hour-mark when Stefan Savic side-footed home from Kieran Trippier's free-kick delivery, but, after a VAR check, the goal was ruled out for offside.
Yannick Carrasco also had the ball in the back of the net minutes later but he was clearly offside.
And then came the real body blow. Ante Budimir's bullet header from Ruben Garcia's cross was clawed out by Jan Oblak but a VAR check showed the ball was behind the line, as Osasuna took the lead against the run of play in the 76th minute.
However, the hosts staged a late rally with Renan Lodi restoring parity in the 82nd-minute after being released by fellow substitute Joao Felix and yet there was more drama to come six minutes later when Suarez struck the winner from Carrasco's pull-back to spark wild celebrations.
Los Blancos' 1-0 victory at Athletic Bilbao sets up a dramatic final day, but Atleti's late heroics means that if they win at Valladolid the title is theirs.
The Atletico Madrid team celebrates Atletico de Madrid's second goal scored by Luis Suarez (not pictured) during the La Liga Santander match between Atletico de Madrid and C.A. Osasuna at Estadio Wanda Metropolitano on May 16, 2021 in Madrid, Spain
Image credit: Getty Images
TALKING POINT - Suarez heroics keeps Atleti's destiny in their own hands
In a pre-match press conference, Simeone had stressed how important the experience of Suarez would be if Atleti were to win their first La Liga title since 2014. And although the 34-year-old had squandered a number of opportunities on the night, to his credit he kept his cool and buried the one that really mattered. His 20 league goals this season have been invaluable and it's difficult to imagine Los Rojiblancos forging a serious title bid had they not prised the talisman from Barcelona last September. The nominal fee of 6m euros has to go down as a great bit of business and it'll look even more impressive if Suarez can guide Atleti to their first league crown in seven years and his fifth in total.
It all comes down to the final day in Spain next Sunday when Atletico Madrid travel to already relegated Valladolid and Real Madrid host Europa League finalists Villarreal. Thanks to the head-to-head rule, only a victory will guarantee Atleti the title. But courtesy of Suarez's late goal, it remains in Atleti's hands and they will be heavy favourites to do it.
MAN OF THE MATCH - Yannick Carrasco (Atletico Madrid)
Suarez will take the headlines but Carrasco was the best performer on the day. He pulled the strings for Atleti and it was his delightful cross that set up the dramatic winner.
Yannick Carrasco of Atletico Madrid celebrates Atletico de Madrid's second goal scored by Luis Suarez (not pictured) during the La Liga Santander match between Atletico de Madrid and C.A. Osasuna at Estadio Wanda Metropolitano on May 16, 2021 in Madrid, S
Image credit: Getty Images
Osasuna: Herrera 8, Ramalho 6, U Garcia 7, D Garcia 7, Armada 6, Barja 6, Moncayola 6, Brasanac 6, Jony 6, R Garcia 6, Budimir 7.. subs: Torres 5, Avila N/A, Gallego N/A, Torro N/A.
22' - Off the post! Oh my, how does Suarez miss?! Correa drives forward and pulls it back for the Uruguay forward. From point-blank range and with time to pick his spot, Suarez shoots straight at the woodwork.
42' - Off the woodwork! Herrera is at full stretch but he's not getting close to Saul's peach of a shot from distance. It looks like it's creeping in but the ball agonisingly crashes off the outside of the post.
59' - Goal ruled out! Trippier's free-kick from the right is whipped in and flicked on by Saul and Savic side-foots it home. But was he in an offside position? It's going to VAR and this is going to be a lengthy wait for Atleti... And it's NOT going to stand.
76' - GOAL! Atletico Madrid 0-1 Osasuna (Ante Budimir): Unbelievable scenes at Wanda Metropolitano as Osasuna against the run of play take the lead! Budimir's bullet header appears to cross the line before Oblak makes the save but the referee doesn't signal for a goal. However, after a VAR check it's given and now Atleti need two goals in the last 15 minutes!
82' - GOAL! Atletico Madrid 1-1 Osasuna (Renan Lodi): With just minutes left, Atleti finally find a way through! The substitutes combine with Felix registering the assist for Lodi, who powers a shot past Herrera into the roof of the net after a driving run from the left.
88' - GOAL! Atletico Madrid 2-1 Osasuna (Luis Suarez): Oh my, Suarez has scored what could be the winner and suddenly the title race is back in Atleti's hands! He's in the right place at the right time to strike a first-time shot into the bottom corner from Carrasco's pull-back. What an important goal this could prove to be!
Luis Suarez has equalled Youssef En Nesyri as the player to have provided the most points for this team thanks to his goals in La Liga this season (20 goals - 19 points).