ESPN had reported earlier this week that the Dolphins planned to release Suh.
Thomas, 29, played one season for the Dolphins, who acquired him in a trade with the Jacksonville Jaguars last offseason.
He appeared in 14 games (13 starts) last season, finishing with 41 receptions for 388 yards and three touchdowns.
He was a two-time Pro Bowl selection with the Denver Broncos in 2013-14 when he finished with 12 touchdown catches each season.
He parlayed that success into a five-year, $46 million deal in free agency in 2015 with the Jaguars but didn’t make a similar impact with the Jaguars. His best season came in 2015 when he caught 46 passes for 455 yards and five touchdowns.
In 71 career games over seven seasons with the Broncos, Jaguars and Dolphins, Thomas has 226 receptions, 2,406 yards and 36 touchdown catches.
In addition to the releases of Thomas and Suh, the Dolphins also officially announced the acquisition of linebacker Robert Quinn from the Los Angeles Rams and the trade of wide receiver Jarvis Landry to the Cleveland Browns.