Inter Milan are thought to have paid a small fee to secure Maniche for the rest of the season and he is expected in Milan to undergo a medical tomorrow morning.
Should he successfully pass that examination then it is thought that the Portuguese midfielder will be presented to the Italian press on Thursday afternoon.
As part of the contract, Inter will have the option to sign Maniche on a permanent basis at the end of the season for 6 million Euros.
They have beaten off competition from Tottenham Hotspur in England to sign the international midfielder.
Maniche, 30, has found himself out of favour with Atlético coach Javier Aguirre in recent weeks after he feigned an injury to avoid playing in their game against Granada 74 in the Spanish Cup.
Their relationship has completly broken down and Aguirre told the Atlético board that he would be content to see the midfielder leave in the January transfer window.
Injuries to Olivier Dacourt, Luis Figo, Patrick Vieira and Dejan Stankovic have left Inter in need of some cover in the midfield area and Figo himself had stated in the last couple of weeks that he felt Maniche would be the ideal signing.
Inter's manager Roberto Mancini was less enthusiastic when questioned about the possible signing yesterday, but with Maniche now on board, he will have to consider how he can fit him into his side.
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