Taiwo has long been linked with a move away from Marseille and the 25-year-old’s agent, Michael Coker, has confirmed he is close to joining Atletico.
“I’m presently in Madrid now and everything is almost done,” Coker told BBC Sport on Tuesday.
“I have been in a long meeting with the club director [Jesus Pitarch], and they are excited knowing everything is almost sorted out.
“We had little challenges at some point but right now everything is back on track with the player and clubs involved.”