Gameiro is due to travel to Madrid this evening to complete the deal, which is subject to him successfully passing a medical, for a reported fee of €41m.
The 29-year-old has been a key figure for Sevilla, since signing from Paris Saint-Germain in 2013, helping the team to three Europa League wins and scoring 67 goals in three seasons.
Barcelona and former club PSG had both been linked with a move for Gameiro who scored 29 goals last season for Sevilla as they finished seventh in La Liga and scooped a third consecutive Europa League.
Chelsea striker Diego Costa had been linked with a return to Atletico Madrid but Gameiro's signing is likely to end speculation over a move back to his former team.
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