"I'm very happy to carry on for many more years with Atletico," said Carrasco, after signing a two-year extension with last year's Champions League finalists.

The 23-year-old winger moved to the Spanish capital from Monaco in July 2015 and has established himself as a key player in Diego Simeone's plans this season. 

Carrasco has scored five goals in 11 appearances this term, including a hat-trick in last weekend's 7-1 demolition of Granada, already matching his tally from his first season at the Vicente Calderon.

"It's great news for everyone involved with Atletico," added the club's sporting director, Jose Luis Perez Caminero.