La Liga champions Atletico and Liga MX outfit America confirmed the deal sending Jimenez to Madrid on Wednesday.
Atletico sporting manager Jose Perez Caminero expressed his delight with the capture of the 23-year-old, who represented Mexico at the World Cup in Brazil after scoring seven goals in America's run to the Apertura final last season.
"He is a player with tremendous projection and he will complete our offensive line," Caminero told Atletico's official website of Jimenez, who had scored four goals in the first three games of the 2014-15 season before his departure.
"He's very eager to succeed in his leap to European football and his enthusiasm will make him adapt quickly to our league.
"He stands out aerially, he protects the ball perfectly to await the arrival of his teammates and has a very powerful shot.
"He will provide us with interesting alternatives to meet our objectives this season."
Jimenez joined America at the age of six and emerged from the club's youth system in 2011, going on to make 96 appearances and score 36 goals.
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