Porto's highly-rated Colombian striker Jackson Martinez has signed for Atletico Madrid for a transfer fee of 35million euros, the Portuguese club announced late Tuesday.

The 28-year-old forward will replace Croatian Mario Mandzukic who has moved from Spain to Juvenus in Italy for 19million euros.

Martinez has been the top scorer in Portigal for the last three seasons having joined Porto from Mexican outfit Jaguaras de Chiapas.

He had previously agreed a move with AC Milan, and had been targeted by Arsenal, before instead opting for a switch to Atletico.