Carrasco had started just three times in La Liga since the turn of the year and Gaitan only once this entire season under coach Diego Simeone.
“Our club has reached an agreement with the Chinese club Dalian Yifang for the transfer of Yannick Carrasco,” Atletico wrote in a statement on Monday.
A separate statement read: “Nico Gaitan has been sold to Dalian Yifang, from the Chinese Super League.”
Atletico have not specified the fees involved but, according to the Spanish press, Carrasco’s departure will earn them around 30 million euros ($36.9 million) and Gaitan 18 million euros.
Carrasco’s former team Monaco are also reportedly set to receive 25 percent of the transfer fee, due to an agreement made when the winger moved in July 2015.
He went on to make 124 appearances for Atletico, registering 23 goals and 17 assists. Argentinian winger Gaitan joined from Benfica in 2016 and played 49 times for the club.
Dalian Yifang, newly-promoted to the Chinese top flight, also signed West Ham defender Jose Fonte for an undisclosed fee on Friday.
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