The 21-year-old is set for an emotional reunion with Diego Simeone, who originally gave the striker his professional debut in the Argentine league.
Back in March and with a wealth of clubs chasing the signature of Villarreal star, Luciano Vietto, his agent Jorge Cyterszpiler suggested: "He could sign for Liverpool, because we know The Reds really like him."
However, it now appears that Liverpool or indeed any other of the many clubs interested, such as Manchester United and Arsenal, who were also tipped to make bids by various English media outlets, must now look elsewhere.
The popular Cadena COPE radio show in Spain, 'El Partido de las 12', has revealed that an agreement has been reached between Villarreal and Atletico Madrid, which will see 21-year-old Vietto head to the Vicente Calderon for a fee of €20 million.
Only a matter of days ago, when quizzed about whether a move was likely, Vietto commented: "The best for all parties would be for Atletico to pay the clause valuation."
Those words perhaps being the biggest hint his mind was already made up, the message doesn't appear to have been ignored by Atletico, who are believed to have already agreed personal terms with the hugely talented striker.
According to the reports, Villarreal president Fernando Roig is already aware that Atletico are ready to pay the fee in full, and won't stand in the way of the wishes of Vietto. A key factor of course for the player, is a desire to work once more with Diego Simeone.
Indeed, it was Simeone who gave a then 18-year-old Vietto his first ever professional appearance, whilst with Argentine side Racing Club de Avellaneda. Something the youngster remains eternally grateful for, and has never forgotten. This clearly always gave Atletico a strong advantage with any approach.
Pending an official announcement from the two clubs, Vietto will become the first summer signing by Atletico, which will now certainly spark speculation about the futures of their other strikers.
The Mirror recently reported Chelsea boss Jose Mourinho declaring his club were "not interested" in bidding for Antoine Griezmann, but the player has also been linked with Bundesliga giants, Bayern Munich. Atletico are reluctant to sell the Frenchman, who has enjoyed an excellent season, despite the speculation.
Meanwhile, Croatian target-man Mario Mandzukic faces an uncertain summer. He is perhaps the most likely to leave, having not made the impact hoped. A host of clubs have been linked with potential bids, including Juventus, AC Milan and Inter Milan, whilst according to The Echo, Liverpool and Tottenham Hotspur will compete for his signature.