Luis Suarez is set to swap Barcelona for Madrid after a deal was agreed for his transfer with Atletico.
Cadena Ser report that an agreement between the two clubs was reached during talks on Tuesday.
Suarez's lawyers met with Barcelona president Josep Maria Bartomeu to discuss his future, with the Uruguayan considered surplus to Ronald Koeman's requirements.
He'll sign a 2-year deal at the Wanda Metropolitano, worth €7.5million a season.
The 33-year old former Liverpool striker has also been linked with a move to Juventus in this transfer window.
That talk soon died down, with Juve preparing a loan move for Atletico striker Alvaro Morata.
Suarez had gone so far as to fly to Perugia to take an Italian citizenship test which would smooth the move, a test on which he's accused of cheating.
While no transfer fee will be involved, it's believed Atletico will have to pay Barca €2million each time the Rojiblancos reach the Champions League quarter finals while Suarez is at the club.
Should the transfer go through, he'd be just the latest big name departure from Barcelona.
Even though Lionel Messi may have been strong-armed into staying, Arturo Vidal has joined Inter, and Nelson Semedo will join Wolves for €35million.
The likes of Ousmane Dembele and Samuel Umtiti could yet follow out the exit door.