An agreement has been reached for Sevilla winger Vitolo to join Las Palmas from Sevilla until January before completing a move to Atletico Madrid, according to the Gran Canaria club's sporting director.
The 27-year-old has been linked with a move to the capital for a number of weeks, with Atletico head coach Diego Simeone said to be a huge admirer, but a ban on registering new signings until January 2018 has scuppered some of their transfer plans.
However, Toni Cruz has confirmed that Miguel Angel Ramirez, the president of Las Palmas, has negotiated a deal for Vitolo to join them on a short-term basis before finalising a permanent transfer to Atletico next year.
Speaking at a news conference on Tuesday, Cruz said: "The president has reached an agreement whereby if Vitolo signs for Atletico Madrid, he'll be at Las Palmas until January."
It is reported that Atletico will pay EUR40million to activate Vitolo's release clause and free him from his Sevilla contract, allowing him to hold talks with Las Palmas with a view to joining them as a free agent.
The Spain international, who progressed through the youth ranks at Estadio Gran Canaria before joining Sevilla in 2013, will then be permitted to join Atletico on a free transfer in January.
This will ensure Vitolo will be eligible for the knockout phase of the Champions League if Atleti progress from the group stage, while also enabling him to play regular first-team football with a view to forcing his way into Julen Lopetegui's plans for Spain's 2018 World Cup squad.
Las Palmas are expected to receive a payment, reportedly close to EUR5m, as part of the deal as they included a sell-on fee in Vitolo's transfer to the Ramon Sanchez Pizjuan four years ago.