Ademola Lookman Set for Atlético Madrid Move as Atalanta Agree €40m Deal
Atlético Madrid have reached an agreement with Atalanta for the transfer of Nigerian forward Ademola Lookman, ending weeks of speculation and ruling out a potential move to Turkish side Fenerbahçe.
The deal is worth €35m (£30m) with a further €5m in performance-related bonuses, a figure that aligns closely with the player’s current market valuation.
The clubs are understood to have finalised the agreement, with only the remaining contractual details between Lookman and Atlético Madrid to be completed before a medical examination.
The move brings an end to a prolonged transfer saga surrounding the 28-year-old, who had made no secret of his desire to leave Atalantalast summer.
Lookman remained in Bergamo despite interest from several clubs, but his future has again dominated the winter transfer window.
Italian broadcaster Sky Sport reported on Sunday that the two clubs had reached a full agreement, while Spain’s Marca confirmed that negotiations had intensified over the weekend.
Renowned transfer journalist Fabrizio Romanolater stated that Lookman had opted for a move to Madrid despite strong competition.
In a message posted on social media platform X, Romano said the Nigeria international had “definitively chosen” Atlético Madrid, adding that travel arrangements were already being made for the player to fly to Spain to complete his medical and sign his contract.
https://x.com/FabrizioRomano/status/2017880961359171871
Lookman’s transfer fee reflects a notable shift in his valuation. Once priced as high as €60m, his market value has dropped to €35m over the past six months, mirroring a decline in his attacking output.
After contributing to 27 goals in 40 appearances during the 2024/25 season, Lookman has recorded five goal contributions in 19 matches this campaign.
Despite that dip, Atlético view the forward as a key addition to their attacking options, with the club continuing to invest heavily this season.
The signing would take Atlético’s total spending for the 2025/26 campaign to around €211m, making them the highest spenders in Spain and placing them among the top spenders worldwide.
The deal also continues Atlético’s recent recruitment trend from Atalanta. Goalkeeper Juan Musso joined in 2024 for €4.5m, while defender Matteo Ruggeri arrived in 2025 for €17m.
Lookman would become the third player to move from Bergamo to Madrid in as many seasons.
For Atalanta, the transfer represents another significant financial boost. The Italian side’s outgoing transfers this season would rise to approximately €145m, nearly matching their total expenditure of €148m.
On the pitch, however, the club faces a challenging period, sitting seventh in Serie A and preparing for a Champions League knockout tie against Borussia Dortmund.
Atlético Madrid, meanwhile, are third in La Liga and set to face Club Brugge in Europe, with Lookman expected to bolster their attacking depth for the decisive months ahead.
The final stages of the transfer are expected to be completed in the coming days, bringing an end to Lookman’s time in Italy and opening a new chapter in Spain.