Vitolo has signed a new contract at Sevilla until June 2022 following reports he could leave the club to join Atletico Madrid this summer.
The Spain international had a €40m release clause with the Andalucians inserted in his previous deal and it was widely reported Atletico would trigger this.
Despite the Madrid club not being able to register players until January, Las Palmas had confirmed a loan deal with Los Rojiblancos was in place until then, should he be signed from Sevilla.
"Today you can say that Vitolo is a Sevilla player," president Jose Castro told assembled reporters at the Sanchez Pizjuan at the unveilings of Ever Banega and Guido Pizarro.
"There was a lot of talk and we have heard for many days the colours that Vitolo would wear, and they will be the white and red of Sevilla.
"He is one of the captains of this club, he gives everything on the pitch and we can only have words of praise for him. Sevilla, instead of talking, have acted."
Diego Simeone’s men also tried to sign the winger in 2013 – when he chose Sevilla whilst at Las Palmas – and also reportedly attempted a deal last summer.