Depay scored nine goals in 31 games during the previous season for Atletico.
The 30-year-old played for the Netherlands at Euro 2024 this summer, but head coach Ronald Koeman did not include him in the squad for the Nations League games in September.
Though Koeman has criticized teammate Steven Bergwijn for moving to the Saudi Pro League, Depay’s transfer to Brazil, according to Koeman, won’t be the end of his international career.
Koeman told reporters on Monday, “I didn’t like Steven Bergwijn’s move to Saudi. With Memphis, it can be different.”
He can still play for the national team, but it will depend on his level of fitness and whether the Brazilian league is at the same level as his.
Before joining Atletico Madrid in 2023, Depay had stints at Manchester United, Lyon, and Barcelona after beginning his career at PSV Eindhoven in 2011.
In 98 games since making his Netherlands debut in 2013, he has scored 46 goals.