However, it is not clear if the legislation will take effect in time to block Mubarak's Prime Minister Shafiq's presidential bid as well.
Shafiq will face disqualification if the law comes into effect before Thursday, when the election committee is set to announce the final list of the candidates.
Suleiman along with Salafist Hazem Abu Ismail, Muslim Brotherhood's Khairat al-Shater and seven other candidates have been disqualified by Egypt's electoral commission -- which is made up of Mubarak-era judges - to run for president.
Egyptians are to vote in the presidential polls on May 23 and 24 while a run-off has been planned for June 16 and 17, if necessary. It will be the country's first presidential race since the toppling of long-term US-backed Mubarak in a popular 2011 revolution.
Egypt's ruling Supreme Council of the Armed Forces has given a green light to a legislation banning former top figures of ousted dictator Hosni Mubarak's regime from running for president.
The law, which was passed by the parliament earlier this month, is reportedly designed to block efforts by former Egyptian officials such as Mubarak's spy chief Omar Suleiman and Prime Minister Ahmed Shafiq from running for presidential office.
The ruling junta had ratified the law and "sent its approval to parliament," according to the website of the state newspaper