The site will become a housing project with some green space.
Atletico moved into the Manzanares stadium, as it was then called, in 1966. The ground, which had a capacity of 55,000, was renamed after the club president Vicente Calderon in 1972.
The club left the Calderon, part of which hangs over a dual carriageway, at the end of the 2016-2017 season in order to move into the bigger 68,000-seater Wanda Metropolitano which will host this year's Champions League final.
The Calderon hosted 14 Copa del Rey finals, 11 Spain internationals (during which the national team was unbeaten) and three matches during the 1982 World Cup.
Within three years the site will be turned into apartments with a park area in a project budgeted at €42,2 million.
Under the residential project some 11 percent of the total number of apartments in the dwelling will be set aside as social housing for low-income families.