The versatile 23-year-old was a standout for Villareal last season, helping them earn a place in next season’s Champions League with seven goals and nine assists in his 33 games across all competitions.
As a result, Atletico Madrid have decided to splash the cash in order to secure his services, signing him for a reported fee of €45 million plus €5m in add-ons.
Baena signed a five-year deal with Diego Simeone’s side that will keep him in the Spanish capital through to 2030.
“I never thought this day would come,” Baena posted on Instagram. “The day I leave my home. Well, I’ll never leave here because I’ll never forget what I’ve experienced with Villarreal, a club that welcomed me since I was a kid. I feel like a part of this ‘grogueta’ family that has given me so much over the years.
“Here I was happy, extremely happy because football allowed me to discover a wonderful club, to which I will be eternally grateful.
“I’m leaving, but a part of me stays forever in Villarreal. I am proud of all that we have been able to build something so great together with all the colleagues I have shared this extraordinary path with.
“A path that now, and coincidentally, splits. I’m leaving, but I know someday I’ll be back home.”