The Yellow Submarine were strongly speculated as in the market for a goalkeeper this summer to provide competition between the sticks to Juan Carlos Sanchez.
The 24-year-old joins on an initial season long loan deal from Los Colchoneros and will be presented as a Villarreal player on Thursday.
Although Atleti will likely be on the lookout for a new goalkeeper to replace Thibaut Courtois next year, Villarreal also have a purchase option on Asenjo, believed to be €5m.
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