No R Rated Cut WIll Be Released For Suicide Squad

David Ayer's Suicide Squad definitely left some footage on the cutting room floor, and some fans assumed that the film would get an R-rated Directors Cut like its DC sibling Batman v Superman: Dawn of Justice did.
Many felt that BvS's ultimate edition helped flesh out certain aspects of the plot and smoothed over some character inconsistencies, which a director's cut may still do for Suicide Squad, but Ayer put the kibosh on any Rated R versions of the film (via Empire).

"You could easily make this R-rated by having two F-bombs or someone smoke a cigarette. But that’s not what I think people mean when they ask for an R-rated version, so it was always meant to be a PG-13. It’s a decision you make before you turn the cameras on."

Suicide Squad was always meant as a PG 13 film, and adding some extra F-Bombs or gratuitous violence and gore wouldn't help the parts of the film that some are criticizing anyway, namely the lack of Joker and a plot that feels flat at times.