According to reports in the Spanish media Atletico are close to agreeing a 40 million euro (£35 million) move for the forward, who began his career at Las Palmas before joining Sevilla in 2013. Atletico are unable to register new players until January while they serve a transfer ban for the illegal transfer of minors.
Las Palmas sporting director Toni Cruz told reporters on Tuesday at the presentation of new coach Manolo Marquez that the club's president Miguel Angel Ramirez had met Atletico director general Miguel Angel Gil Marin in the Spanish capital to discuss the arrangement.
"The president has reached an agreement whereby if Vitolo signs for Atletico he'll be at Las Palmas until January," Cruz said.
"To have Vitolo for half a season will be a huge boost for us as he is a regular in the Spanish national team."
Las Palmas assistant coach and former Spain midfielder Juan Carlos Valeron added: "Having a player like him at Las Palmas would be a fairy tale for us, we're very excited about it."
Vitolo, 27, has scored 27 goals in 171 games for Sevilla, winning the Europa League three times, although defender Nico Pareja said on Monday the team respected the forward's desire to leave.
"He has earned the right to do decide what he does because he has given us everything in these last few years. We have to accept his decision," he told reporters.
(Reporting by Richard Martin; editing by Clare Lovell)
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