Villarreal president Fernando Roig has confirmed that the club have sold Luciano Vietto to Atletico Madrid, with Leo Baptistao coming the other way on loan.
Roig also added that Mexican midfielder Javier Aquino is set to return to his homeland, with a deal currently being negotiated with Tigres.
"We've closed the sale of Vietto," Roig admitted to Diario AS. "We have sold him to Atletico Madrid."
The Argentine striker, who enjoyed a fruitful first season in Spain with Villarreal, had a 20 million euro release clause, a price Diego Simeone's side were more than happy to play.
Simeone handed Vietto his debut at Racing Club in Argentina, so the transfer will see the pair link up once more.
As for Baptistao, he represents yet more good business from Villarreal early on in the summer transfer market.
"We have signed Samuel Garcia and Samu Castillejo [from Malaga], loaned [PSG goalkeeper] Alphonse Areola and loaned Leo Baptistao with an option to buy," Roig continued.
"Baptistao is a player we have confidence in and we hope that he will perform well at the club."