Atletico Madrid have reached an agreement with Benfica to sign their Argentina midfielder Nicolas Gaitan for 25 million euros ($28.06 million), the La Liga club said on Thursday.
The 28-year-old Gaitan, who is under contract at Benfica until June 2019, is currently with the Argentina squad competing at the Copa America. The deal is subject to a medical.
A statement from Atletico read: "The midfielder will travel to Madrid after the tournament that is being held in the United States, to finish all the necessary formalities..."
Gaitan, who has played 252 games and scored 41 goals for Benfica since joining the club from Boca Juniors in 2010, had also been linked with Manchester United in recent months.
Atletico finished third in La Liga last season and were runners-up to Real Madrid in the Champions League.
Euro 2016: Bold Hodgson reaps reward as Wales sit back
Euro 2016: Record worthless if Romania fail to progress, says Stancu
Euro 2016: Croatia's Srna ready to play on after father's death
Ibrahimovic rumours don't bother Sweden, we're used to it: Hamren
Euro: Sturridge's late strike helps England edge past Wales