Atletico Madrid are set to sign Dutch forward Memphis Depay from Barcelona for a fee that could rise to more than €4 million, multiple sources have confirmed to ESPN.

Depay, 28, was due to train with Barca on Wednesday, but he did not show up, with the expectation that a transfer to Atletico is close to completion.

Sources say the initial cost of the deal will be around €3m, with Depay's Barca contract due to expire in June with just over €1m due in possible performance-related add-ons.

Barca coach Xavi Hernandez, speaking earlier on Wednesday, had expressed a desire for no one to leave the club this month, but said he understood Depay's situation.

"If it was solely down to me, I would not let anyone leave, but I can understand it's not easy for him," he said in a news conference. "He is not playing as much as he would like."