Speculation as been ongoing since the turn of the year that the two Madrid sides had reached an agreement for a summer move for the player, priced at around the €6m mark.
Mundo Deportivo report that both clubs will make official those rumours imminently, with the player agreeing a five year contract with Atleti to take him through until June 2018.
Baptistao has caught the eye this season with Rayo Vallecano and from 28 appearances in La Liga has returned seven goals and six assists.
The 20-year-old is currently in Brazil with permission from Rayo, recovering from surgery on a broken collarbone suffered in April, but is believed to have resolved with Atletico the terms of his transfer before leaving.
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