"Once he has had medical clearance, he will fly directly to Dubai on Feb. 9 to join his team mates for winter training in preparation for the new season," the Chinese Super League club said on its website (gzevergrandefc.com).
The 29-year-old joins Guangzhou only seven months after being transferred to Atletico from Porto last July for around 35 million euros.
He scored only two goals in 15 appearances at the Spanish club.
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"Martinez's recruitment is not only in full accordance with our requirements of 'bringing in the world's top 20 players', it's also another step forward in our second five-year master-plan," the club said.
The transfer comes a week after Brazilian midfielder Ramires joined CSL club Jiangsu Suning from Premier League champions Chelsea for a reported 25 million pounds ($36 million).
AS Roma striker Gervinho also completed a move to Hebei China Fortune FC last week.
Other Premier League names to make the switch include former West Ham United, Newcastle United and Chelsea striker Demba Ba and former Sunderland striker Asamoah Gyan.
(Reporting by Ian Ransom; Editing by Peter Rutherford/John O'Brien)
