Kranevitter, 22, who was included in the latest Argentina squad, will not join coach and compatriot Diego Simeone and his new team mates until after December's Club World Cup, where River will compete as Copa Libertadores champions, Atletico said on their website (www.clubatleticodemadrid.com).
"Once the tournament has finished I will join Atletico to give my all right from the start and try to adapt as quickly as possible to the working methods and to Spanish football," Kranevitter said. "I am very happy with the deal."
After finishing third behind champions Barcelona and second-placed Real Madrid last term and qualifying for the Champions League, Atletico sold Croatia striker Mario Mandzukic to Juventus and Turkey playmaker Arda Turan to Barca.
Signings include Colombia striker Jackson Martinez, Argentine forward Luciano Vietto, Belgium midfielder Yannick Carrasco and Montenegro defender Stefan Savic, while playmaker Oliver Torres has returned from a loan spell at Porto and Filipe Luis was bought back from Chelsea after one season.
Hopes are high Atletico can again challenge for the Spanish league title after they shocked Barca and Real to win La Liga in 2013-14.
They began their latest campaign with a 1-0 win at home to promoted Las Palmas last weekend and play at Europa League champions Sevilla on Sunday.
Atletico, who reached the Champions League final in 2014, have been drawn in Group C of the latest edition with Benfica, Galatasaray and Astana and their opening game is away to Galatasaray on Sept. 15.
(Reporting by Iain Rogers; Editing by John O'Brien)
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