The 35-year-old veteran is on the 10-day disabled list after suffering a broken bone in his right hand on a hit by pitch.
Cano tested positive for the diuretic Furosemide, which violates the MLB's Joint Drug Prevention and Treatment Program.
Canó's 80-game suspension is effective immediately.
The Seattle Mariners star released a statement Tuesday accepting the suspension but insisting he didn't know he was taking a banned substance. Last season, he hit.280 with 23 home runs and 97 RBIs.
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The 80-game suspension is mandatory for a first offense for PED usage.
Cano has been in the Major League Baseball for 13 years and has amassed 305 home runs, 1206 RBI's and 2,417 hits during his career.
The eight-time All-Star - including three with the Mariners - and two-time Gold Glove Award victor signed a 10-year, $240 million deal with Seattle in 2013.
Cano has played at least 150 games each season since 2007. He wrote: "According to off-the-record sources and non-official reports, Dominican All-Star Robinson Cano will be suspended for steroid use".