The 28-year-old has been heavily linked with a move away from the Serie A club since last summer after he handed in a transfer request that led to Ivan Juric dropping him from the squad for a number of matches.
According to Atletico Madrid's social media and club website, the former Everton and Fulham star has landed in Madrid to complete his move to the club, with an agreement with Atalanta already in place.
Lookman is set to undergo his medical in Spain on Monday and agree terms and formalizing of his contract before completing the switch to Los Colchoneros.
The tricky attacker is said to have chosen Atletico over Turkish Super Lig giants Fenerbahçe and will move for a reported 40 million Euros to the Spanish club.
He made 137 appearances for Atalanta in all competitions, scoring 55 goals and providing 27 assists whilst helping the Serie A club to their first Europa League title in the 2023/24 season, where Lookman scored a hat-trick in the final.
Atletico are currently in third position on the LaLiga table, nine points behind second-place Real Madrid and ten points behind leaders Barcelona after 22 matches.
The Spanish side will also face off with Belgian giants Club Brugge in the UEFA Champions League playoffs this month.
Belgian champions Club Brugge have confirmed that midfielder Raphael Onyedika will remain at the club this season after turning down a late offer from Bundesliga side VfL Wolfsburg.
Real Madrid were left concerned despite a dramatic 2-1 La Liga win over Rayo Vallecano after Jude Bellingham was forced off injured just ten minutes into the match, with coach Alvaro Arbeloa admitting the midfielder's absence is a major blow.
Juwensley Onstein has moved a step closer to joining Barcelona after confirming his departure from Belgian side Genk, saying the moment had come to begin a new chapter in his career.
FC Porto have bolstered their attack with the loan signing of Nigerian international Terem Moffi from Ligue 1 side Nice.
