The deal is worth a reported £35m for the forward who has scored 73 goals in 84 games for the Portuguese side.
The 25-year-old Colombian will move to the Spanish capital subject to a medical and personal terms.
Atletico recently sold Argentine striker Sergio Aguero to Manchester City for £38m.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Real Madrid | 31 | 24 | 6 | 1 | 67 | 20 | 47 | 78 |
| 2 | Barcelona | 31 | 21 | 7 | 3 | 62 | 34 | 28 | 70 |
| 3 | GironaGirona | 31 | 20 | 5 | 6 | 63 | 39 | 24 | 65 |
| 4 | Atletico MadridAtletico | 31 | 19 | 4 | 8 | 59 | 36 | 23 | 61 |
| 5 | Athletic Bilbao | 32 | 16 | 10 | 6 | 52 | 30 | 22 | 58 |
| 6 | Real Sociedad | 31 | 13 | 11 | 7 | 45 | 33 | 12 | 50 |
| 7 | Valencia | 31 | 13 | 8 | 10 | 34 | 32 | 2 | 47 |
| 8 | Real BetisBetis | 31 | 11 | 12 | 8 | 38 | 37 | 1 | 45 |
| 9 | Villarreal | 31 | 10 | 9 | 12 | 49 | 54 | -5 | 39 |
| 10 | Getafe | 31 | 9 | 12 | 10 | 37 | 43 | -6 | 39 |
| 11 | Osasuna | 31 | 11 | 6 | 14 | 36 | 44 | -8 | 39 |
| 12 | Las PalmasLas Palmas | 31 | 10 | 7 | 14 | 29 | 35 | -6 | 37 |
| 13 | Sevilla | 31 | 8 | 10 | 13 | 39 | 44 | -5 | 34 |
| 14 | AlavesAlaves | 31 | 8 | 8 | 15 | 26 | 38 | -12 | 32 |
| 15 | Mallorca | 31 | 6 | 13 | 12 | 25 | 36 | -11 | 31 |
| 16 | Rayo Vallecano | 31 | 6 | 13 | 12 | 25 | 38 | -13 | 31 |
| 17 | Celta Vigo | 31 | 6 | 10 | 15 | 33 | 46 | -13 | 28 |
| 18 | CadizCadiz | 31 | 4 | 13 | 14 | 21 | 41 | -20 | 25 |
| 19 | Granada | 32 | 3 | 9 | 20 | 33 | 61 | -28 | 18 |
| 20 | Almeria | 31 | 1 | 11 | 19 | 30 | 62 | -32 | 14 |
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