Wang Jianlin, Chairman of Wanda, speaks at a news conference for the opening a Wanda movie park in Wuhan, Hubei province, December 20, 2014.?[Photo/Agencies]

MADRID - Chinese billionaire Wang Jianlin has agreed to buy a 20 percent stake in La Liga champions Atletico Madrid, Spanish media reported on Monday.

The deal with Wang, who controls China's Dalian Wanda Group and has long been involved in soccer, will be announced in Beijing on Wednesday, according to the reports in sports dailies Marca and As, which estimated the deal to be worth 40 million euros ($46.34 million)

Neither newspaper identified the source of their information. Wanda have called a news conference for Wednesday. They did not provide further details.

Atletico has declined on more than one occasion to comment on the speculation when contacted by Reuters.