The arrival of Antoine Griezmann at Barca has also put a dampener on Coutinho's time in Spain, as it is being reported that the Frenchman will wear the number seven shirt, which belonged to Coutinho last season.
"FC Barcelona has paid the 120 million euro buyout clause to release Antoine Griezmann from Atlético Madrid", a statement read on their official website.
Griezmann is likely to play on the left-wing that has been unoccupied following Neymar's departure two seasons ago.
"My father taught me as a child that trains don't just pass once", he said.
'It's a new challenge, with new targets.
The sale of Griezmann comes after Atletico stumped up a whopping 126 million euros to sign rising star Joao Felix from Benfica last week, making the 19-year-old one of the five most expensive players in history.
"I'll defend the Barca colours with all my determination and commitment".
But the club are willing to secure their investment in the French World Cup victor and have inserted an astronomical €800m release clause in his contract.
Antoine Griezmann has dominated world football for the last four-five years now, holding his own in front of the indomitable duo of Lionel Messi and Cristiano Ronaldo.
He was scouted by Basque club Real Sociedad at the age of 14.
Barcelona said the move can help cement Griezmann's place among the world's elite performers. "Atletico Madrid wishes to express its strongest disapproval of the behavior of both, especially FC Barcelona, for prompting the player to break his contractual relationship with Atletico Madrid".