AS says Atletico and Valencia have agreed a fee for the Spain international. Atletico, however, must sell Angel Correa and Nikola Kalinic first to fund the deal.
Valencia are ready to sell Rodrigo for Atleti's offer of €55m plus €5m in bonuses.
Los Che were reluctant to sell their star striker, but the bid tabled was irresistible for president Peter Lim.
Rodrigo will undergo a medical today, though nothing will be signed until Atletico sell Correa and Kalinic.