Although Atletico are still under a transfer ban by FIFA until January 2018, the club have matched Sevilla's 37.5million euros release clause.
In a statement on their official website after the news broke, the club said; "Atletico de Madrid has reached an agreement with Victor Machin Perez, Vitolo, for the next five years after the football player rescinded his contract with Sevilla".
Having come through the Canary Islanders' youth ranks, the 27-year-old made 90 first-team appearances for Los Amarillos before joining Sevilla in 2013.
"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.
Because of the FIFA ban on Atletico registering new players until January 2018, the club have confirmed the 11-time Spain international will spend the first months of the 2017-18 season on loan at Las Palmas, which is where he began his career.
Atletico's new signing won the Europa League three times with Sevilla, in 2014, 2015 and 2016.
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