The 22-year-old is keen to link up with fellow Argentine Diego Simeone in the Spanish capital.
“I know that River are talking to Atletico to come to an agreement so that I can move in the best way possible to Spanish football,” Kranevitter told AS.
“I’m waiting patiently but I’m sure everything will work well for everybody.
“I’ve won a lot of things with River and it will be a big step to play for a club like Atleti.
“It will be a beautiful move for my career. ‘El Cholo’ Simeone is a winning coach and any player would like to play under him.”
Kranevitter played a key role in Argentina’s 2015 Copa Libertadores success.