Vargas impressed in flashes as part of a breakthrough 2025/26 season in Madrid and Los Rojblancos Diego Simeone utilised him regularly during preseason ahead of the new campaign.
However, the summer arrivals of Morten Hjulmand and Lee Kang-in have blocked his path to the Atletico starting XI, wish club captain Koke also agreeing at contract extension at the Estadio Metropolitano.
The Mexico international had offers from several LaLiga clubs, but he appears to have opted for neighbours Getafe, following their UEFA Conference League qualification.
Atletico have agreed terms on a season-long loan - so he could still return - with Getafe insisting any purchase clause be non-binding.
Vargas could make his Getafe debut as soon as next week as Jose Bordalas' side play host to Celta Vigo on September 7th.