Spanish international Jose Antonio Reyes, on-loan from Arsenal to Real Madrid last season, is set to join Atletico Madrid on a four-year contract, Spanish sports daily Marca reported on Sunday.
Atletico are reportedly paying 12 million euros for the striker, which was double what Real Madrid were prepared to pay. The player is set to be publicly unveiled on Tuesday.
"Atletico have snatched Reyes from Real Madrid," claimed the newspaper, which added the agreement between Atletico, Arsenal and Reyes was set to be signed on Sunday.
The 23-year-old helped Madrid win last season's Spanish La Liga title after scoring twice in their 3-1 victory over Real Mallorca on the final day.
Reyes would be Atletico's second high profile signing in a matter of days following the arrival at the Vicente Calderon of Portugal winger Simao Sabrosa.