Atletico Madrid have exercised the option to purchase forward Pizzi from Sporting Braga, according to El Mundo Deportivo.
Los Colchoneros had until October to decide whether to meet the €13.5 million buy-out clause and they ultimately opted to keep hold of the talented forward.
El Mundo Deportivo understands that the transfer fee will be paid in four installments over the next four years.
It may come as a surprise that the Vicente Calderon outfit agreed to pay so much money for the player who has yet to prove his worth at the highest level, especially given the club’s financial problems.
Pizzi joined Atletico Madrid on loan from Sporting Braga in the summer of 2011 and went to score just one goal in 11 substitute appearances in La Liga.
The 23-year-old was farmed out on loan to Deportivo La Coruna last July, and has scored 2 goals in 7 league games for the Galician club.