Portuguese side FC Porto have confirmed that Brazilian centre-back Felipe will join Atletico Madrid this summer in deal worth €20m.
The La Liga side have been on the lookout for defensive reinforcements due to a number of high profile departures already confirmed. Centre-backs Diego Godin and Lucas Hernandez have confirmed they are leaving the club this summer, while full-back Juanfran has also done likewise.
In an effort to rebuild, Los Rojiblancos have agreed to sign Felipe from FC Porto, with the Primeira Liga side confirming the news on their official website.
The statement reads: "FC Porto inform the markets that they have reached an agreement with Atletico Madrid for the playing rights of Felipe to the value of 20 million euros."
Atletico Madrid meanwhile have released their own statement that states: "Atlético de Madrid and FC Porto have reached an agreement over the transfer of Felipe Augusto de Almeida Monteiro, pending the International Transfer Certificate (ITC).
"The 30-year-old, who was born on May 16, 1989 in Mogi das Cruzes (state of São Paulo), is to join the squad on July 4, once his ITC arrives. The Brazilian's contract will be three years long."
Felipe joined Porto from Brazilian side Corinthians in July 2016 and went on to make 142 appearances for the club, scoring 11 goals.
During his three seasons at the Estadio do Dragao, Felipe won one Primeira Liga in the 2017/18 season, as well as the Portuguese Super Cup at the beginning of the 2018/19 campaign.