On 27 May 2014, after scoring six goals in 2013–14, Correa had agreed a deal with La Liga holders Atlético Madrid for a reported fee of €7.5 million. He signed a five-year contract with the Madrid side, joining the club after the 2014 Copa Libertadores.
In June 2014, however, Correa was sidelined for six months due to a heart tumour. After undergoing surgery on 18 June in New York, he started a light training in August, and officially joined the club on 13 December.