The Spanish champions confirmed an agreement had been reached to take the 23-year-old forward to Vicente Calderon on Wednesday.
Jimenez subsequently passed a medical on Thursday and has penned a six-year deal with Diego Simeone's men.
"Raul Jimenez will play the next six seasons at Atletico," read a statement on the club's official website.
"After passing the medical test, Jimenez signed the contract at Vicente Calderon that binds him to our club for the next six seasons."
Jimenez was part of Mexico's 23-man squad at the World Cup in Brazil and scored seven goals in America's run to the Apertura final last season.
He rose through the ranks at America and scored 36 goals in 96 appearances.
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