Atletico Madrid are set to seal the signing of midfielder Marcos Llorente after announcing a deal with city rivals Real Madrid has been agreed.

Llorente will undergo a medical before signing a five-year contract at the Wanda Metropolitano in a move believed to be worth €40million.

The 24-year-old midfielder is primed to replace Spain international Rodri, who is said to be on the brink of a €70m switch to Premier League champions Manchester City.

Atletico have already signed defender Felipe from Porto and are reportedly set to bring in Benfica's teenage sensation Joao Felix.

Further moves are set to follow with a number of high-profile players departing Atleti – including Diego Godin, Juanfran and Lucas Hernandez – and Antoine Griezmann expected to leave.

Rivals Madrid have also been active in the transfer market, bringing in Eden Hazard, Luka Jovic and Ferland Mendy in addition to previous deals for Eder Militao and Rodrygo Goes.

Madrid released a statement to confirm Llorente's imminent move on Thursday.

"The club wants to show its gratitude for all these years of dedication and professionalism and for [Llorente's] exemplary behaviour from when he arrived in 2008 to his trajectory with the first team," it read.

"Real Madrid wishes you good luck on your new stage."

Llorente made just seven LaLiga appearances last season, although he was a top-flight regular for Deportivo Alaves in 2016-17.