It was revealed the 32-year-old had approached Al Ittihad chief Hamad Al-Senaie about potentially trying to rig the match in their favour, but the WhatsApp messages were immediately handed over to SAFF officials.
A referee who was scheduled to officiate games at next month's World Cup has been banned for life amid allegations of match-fixing.
Fahad Al Mirdasi requested a bribe from Al Ittihad in the King's Cup final, one of the country's most prestigious competitions.
Al Mirdasi had confessed to offering to fix Saturday's King's Cup final on behalf of the Al Ittihad club, the SAFF said.
The 32-year-old is one of Saudi Arabia's most prominent referees and one of five Arab referees chosen by Federation Internationale de Football Association to officiate at the 2018 World Cup tournament in Russia.
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"He confirmed that he had evidence which highlights Al Mirdasi offering help for money".
"After the president of Ittihad club presented what was in his possession to the Federation of Football, the Saudi Federation sent this conversation to the Chairman of the General Directorate of Sport, who in turn informed the competent authorities in all details".
The committee recommended that Saudi Arabia officially requested Federation Internationale de Football Association to remove Mirdasi from the list of referees participating in the 2018 World Cup and suspend him for life.
The SAFF added that Al Mirdasi, who has been a Federation Internationale de Football Association referee since 2011, admitted soliciting the corrupt payment after being taken into police custody.
He oversaw the third-place game between Mexico and Portugal where two penalties were awarded, two players were sent off in extra time and Mexico coach Juan Carlos Osorio was also dismissed.