Atletico recruit Rodriguez from Porto
Rodriguez will join the Europa League winners on a four-year deal subject to a medical and will sign his contract after Uruguay's World Cup 2014 qualifiers against Venezuela and Peru next month, Atletico said on their website.
The 26-year-old, who has 47 caps for Uruguay and an Italian passport, has been at Porto for four seasons and previously played for Benfica and Paris Saint-Germain. He is known as "the onion" because of his reputation for making defenders cry.
"He is a very quick player, attacking and with a lot of character, a winner," Atletico sporting director Jose Luis Perez Caminero said.
"He will give us a lot of options in attack because he is multi-purpose and can play on either wing, whether taking defenders on or cutting inside onto his other foot."