The former Barcelona and AC Milan midfielder Ronaldinho
joined Atletico in June 2012 and won the Libertadores Cup with them a
year later, the first time he or they had lifted South America's biggest
club trophy.
However, their title defence was a disappointment and they were knocked out in the last 16 by Colombian side Atlético Nacional.
They are also only 10th in the Brazilian League table, although the tight nature of the league means they are just five points off the leaders.
However, Ronaldinho has figured little this season due to a combination of poor form and injury. He has now been let go according to numerous reports in Brazil with official confirmation expected imminently.
Ronaldinho has been heavily linked with a move to Argentine giants Boca Juniors in recent days. The 34-year-old has been identified as a potential replacement for Juan Roman Riquelme who left the club last week to join Argentinos Juniors. A more fanciful rumour earlier in the summer linked the two FIFA World Player of the Year with Premier League outfit Stoke City.
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