Aston Villa are prepared to pay a fixed fee of €18m, with a further €6m in add-ons taking the total package to around €24m, though other reports in Spain have put the structure closer to €21m or as high as €25m.
Ruggeri, 24, is yet to give his approval and has delayed his response after Liverpool and Newcastle United registered late interest, while Juventus and Roma had also monitored his situation earlier in the summer.
The Italy international has trained away from Atlético's first-team squad in recent days and is not due to travel with Diego Simeone's group for their pre-season tour of South Korea, a clear sign of how advanced the move has become. Talks between Atletico Madrid sporting director Mateu Alemany and Ruggeri's representatives, Tullio Tinti and Manuel Montipó, were held earlier in the week to formalise terms, Marca reports.
Villa manager Unai Emery has identified Ruggeri as his preferred replacement for Lucas Digne, who is closing in on a move to Paris Saint-Germain, having initially explored a deal for AC Milan's Pervis Estupiñán before turning his attention to the Atlético defender. Standing 1.87m tall, Ruggeri would give Villa additional height and physicality at left-back, complementing Ian Maatsen's more attacking instincts on the opposite flank.
He joined Atlético from Atalanta last summer in a deal worth around €17m, making 47 appearances and providing seven assists across all competitions as they reached the Champions League semi-finals, though his first-team opportunities were reduced following the arrival of Alejandro Grimaldo from Bayer Leverkusen.
He was named in the Europa League team of the season when Atalanta won the competition in 2024, and has made more than 150 appearances for the two clubs combined despite being uncapped by Italy.
Should the move go through, Ruggeri would become Villa's fifth summer signing, joining Modou Keba Cissé, Johan Manzambi, Alejandro Garnacho and João Gomes at Villa Park.
Atlético, meanwhile, are said to be lining up the funds from Ruggeri's departure, along with the expected sale of Nahuel Molina to Roma, to help finance a move for Tottenham Hotspur defender Cristian Romero.