Atletico Madrid sign Yannick Ferreira-Carrasco from Monaco

Atletico Madrid have signed Belgium international Yannick Ferreira-Carrasco from Monaco, the clubs announced on Friday.

Ferreira-Carrasco, 21, put pen to paper on a five-year deal.

L'Equipe reported that Atletico would have to pay €20 million plus bonuses for the attacking midfielder, while Marca said the 2013-14 Liga champions would spend €15 million on 75 percent of his sporting rights.

"We are very satisfied with the agreement reached with Monaco, because Yannick is a player with huge prospects and with an incredible future," Atletico director Jose Luis Perez Caminero said in a team statement.

"He is a player with great speed, excellent at driving the ball and with a great shot.

"He will contribute perfectly to our goal of increasing the level of our team and the competitiveness of the group. I am convinced that he will contribute plenty."

Ferreira-Carrasco, who has been at Monaco since 2010, scored six goals and provided nine assists as they finished third in Ligue 1 last season.

He will join Geoffrey Kondogbia, who moved to Inter Milan for €40 million last month, in departing the Stade Louis II.

Monaco are selling big names and rebuilding their squad by signing talented youngsters in an effort to escape financial fair play sanctions.