The Cherries were relegated from the Premier League last season and was said to be close to a move to Reading, but will now join their Championship rivals for the remainder of the campaign.
The right-winger celebrated his 20th birthday in April and his previous deal at Atleti had been due to expire in a year from now, but he has now added three years to that deal, as per Marca.
Establishing himself as a star in Atleti’s B team, Riquelme now has a release clause of €60m in his new contract which will ward off any potential interest from rival clubs.
The player is said to have offers from The Netherlands, Portugal and Scotland – with both Rangers and Celtic linked to a move to the winger earlier this year, which speeded up such a renewal.
Riquelme made his first team – and La Liga – debut for Atleti in September last season, coming on as a late substitute for Thomas Lemar in a 3–2 home victory over Eibar.