Reliable sources are tweeting tonight that Atlético have agreed a unique agreement to sign Fernando Torres, taking over the remaining 18 months of his loan deal from Chelsea to Milan.
In the opposite direction will be Alessio Cerci, moving to Milan on a similar 18-month loan deal.
Peppe di Stefano of Sky tweeted the news this afternoon, and other journalists have followed.
It comes after a disappointing start to the season for both players, and it will be a double homecoming for both.
It appears that neither of the players have agreed to the move yet, and it will be put to them over the coming days. The finer points of the loan will be finalised after Christmas now an agreement in principle has been reached.
UPDATE 25/12: AS are now reporting that an agreement has been reached and Torres will join up with Atlético next week, while Cerci will fly to Dubai on Saturday to join up with AC Milan.
They also say that signing Torres was a specific request from Diego Simeone, after he asked for the signing last summer but it didn’t happen.
Let the rejoicing / complaining begin!