Nicolas Gaitan
Nicolas Gaitan will join Atletico Madrid following the conclusion of Argentina's Copa America campaignGetty

Atletico Madrid have reached an agreement with Portuguese club Benfica for the transfer of Nicolas Gaitan, which will come as a disappointment to Manchester United, who were also interested in signing the former Boca Juniors midfielder. The Argentine midfielder will join up with his new team and finalise his move following the conclusion of his country's Copa America campaign, which is currently underway in the United States.

"Atlético de Madrid and Benfica have reached an agreement for the transfer of Nicolás Gaitán to our club," a statement read on Atletico's official site.

"The midfielder is currently playing the Copa América with Argentina, and will travel to Madrid next July after the tournament that is being held in the United States, to finish all the necessary formalities so he can join the red and white team," the statement added.

The Red Devils have been linked with a move for the Benfica star since last summer, and Al Ahli manager Cosmin Olaroiu had confirmed in February that the Old Trafford club had failed with a €30 (£23m, $34m) bid for the midfielder.

"We tabled €35m for Gaitan, which was above the €30m offered by Manchester United," Olaroiu told Romanian outlet GSP. "We agreed the deal with Benfica, but the player turned the deal down."

According to ESPN FC, the Portuguese club have now agreed a fee of around €25m (£19.7m, $28.1m) for Gaitan, who will bring to an end his six-year spell in Portugal during which he made 252 appearances scoring 41 goals. He did sign a new contract until the summer of 2019, but confirmed his departure following Benfica's Portuguese Cup final win over Maritimo.