The Netherlands worldwide spent last season on loan at Crystal Palace, where he made 21 appearances in all competitions.
Fulham's American owner Shahid Khan - who has tabled a £600million pound bid to buy Wembley Stadium - sanctioned spending big with the likes of highly-rated Ivory Coast midfielder Jean-Michael Seri as the London club return to the Premier League after a four year hiatus.
Just as the 7pm deadline passed they also announced the signing of Vietto on a season-long loan. Newly promoted Fulham beat competition from Bundesliga side Hertha Berlin for his services, sources told ESPN FC.
"It's an important change for me because this is my first experience here in England".
Vietto signed for Atletico in June 2015 for a fee in the region of £18m from La Liga rivals Valencia - where he scored 12 goals in 32 games - but he has faced limited opportunities since moving to Madrid. "I'm excited to start training, to meet all my teammates and, above all, to enjoy the season that starts this Saturday".
The Netherlands worldwide, who has made 21 senior appearances for United since his debut under Louis van Gaal in 2016, played 24 games for Palace last season.
Fulham begin their Premier League campaign at home to Crystal Palace on August 11.
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