Rayane, who turned 21 last month, is a talented attacking midfielder.
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This season he has played in 19 matches with Fernando Torres' Atletico B team, starting 15 of them, and has two goals and two assists.
Rayane featured for Spain in last year's U20 World Cup.
Born in Orihuela, the attacker initially opted for the Spain U19 team while simultaneously receiving a call-up to Algeria's U20 squad.
He chose to play for Spain and had a strong U20 World Cup, improving as Spain progressed.