This all comes about due to a transfer ban currently imposed on Atletico Madrid, preventing them signing players after breaking rules regarding the 'tapping up' of young talents.
Los Rojiblancos paid the Spain international's release clause at the Andalucians - reported to be around €37.5m - before he immediately joined his hometown club on loan until January.
Known as Vitolo, the midfielder has rescinded his contract with Sevilla where he spent the last four years.
So he will sign for Las Palmas as a free agent on a six-month contract and then sign/register with Atletico in January.
"Vitolo, who is 27, is a football player of proven experience and quality, and has worn the shirt of the senior national team 11 times and has become one the most creative players of the League in the last seasons". The Madrid side are not allowed to register new players until January 2018 owing to a FIFA transfer ban for signing minors.
Vitolo helped Sevilla win three Europa League titles from 2014-16 and has been capped 11 times by Spain.
The deal came after Sevilla president Jose Castro said on Tuesday that he expects forward Victor Machin to renew his contract with the Spanish club as soon as possible.
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