Alvaro Morata's Chelsea nightmare is over after agreeing terms with Atletico Madrid.

The Spanish striker reached a deal to join the La Liga outfit on an 18-month long loan after scoring five goals in 16 Premier League appearances this season, for a total of nine in all competitions.

The 26-year-old is understood to have taken a pay cut on his current $158,000 per week wages upon the activation of Atleti's option to purchase.

A statement on Atletico Madrid's website announcing the deal read: "The striker has already signed his contract for the remainder of the current season and the next one, after our club reached an agreement with Chelsea Football Club and the player passed his medical at the Clínica Universidad de Navarra."

"I'm very happy and proud to be here. I can't wait to start training, meet my new teammates and play," Morata told the Spanish side's website.