Flamengo have splashed out €22m for Lino, who originally joined Atletico for €6.5m from Gil Vicente in 2022.
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With his departure, a non-EU player spot is freed up in the Atlético first team, so the club will no longer have any problems accommodating either the Argentines Thiago Almada and Nahuel Molina or the Englishman Conor Gallagher.
At Fla, Lino will play alongside Saúl Ñíguez, who also recently ended his time with Atlético, with coach Filipe Luis another former Atleti player.
Lino has signed a deal with Fla to 2029.
