In a club statement, Atletico said: "Atletico Madrid have reached an agreement with Victor Machin Perez, Vitolo, for the next five years after the player rescinded his contract with Sevilla Futbol Club".
This all comes about due to a transfer ban currently imposed on Atletico Madrid, preventing them signing players after breaking rules regarding the 'tapping up' of young talents.
Vitolo had a £35 million release clause in his contract, and Chelsea were previously linked with a big money move.
The club's website announced as a consequence of their FIFA sanction - which prevents Atletico from registering players during the current transfer window- that Vitolo will play the first half of the season with UD Las Palmas before joining the club on January 1, 2018.
"Vitolo, who is 27, is a football player of proven experience and quality, who has defended the shirt of the senior national team 11 times and has become one the most unbalancing players of the League in the last seasons", the 10-time La Liga champions added.
The 27-year-old will now link up with his former club and hometown, Las Palmas, where he will need to hit the ground running if he is to force himself into consideration when making his permanent switch to Atletico Madrid.
Atletico's new signing won the Europa League three times with Sevilla, in 2014, 2015 and 2016.
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