Alexandre Lacazette's agent has reportedly held talks with Arsenal over the French striker's future.
Mirror Sport reported earlier this week that Atletico Madrid are interested in signing Lacazette as a replacement for Barcelona-bound Antoine Griezmann.
Arsenal are battling to hold onto Lacazette and strike partner Pierre Emerick Aubameyang this summer, with interest in both men following their failure to return to the Champions League for next season.
Atletico want a top striker to replace Griezmann with Frenchman Lacazette at the top of their wishlist.
Unai Emery needs to raise funds for incomings by letting members of his current squad depart but Lacazette is not among those he is willing to let go.
It is unclear if Lacazette would push for the switch but reports suggest he has met with Arsenal chiefs.
Yahoo Sport France claims his representatives have met with Arsenal after learning of interest from La Liga.
Barcelona have also been previously linked with a move for 27-year-old striker Lacazette but Atletico are currently leading the
Arsenal's transfer plans have been severely dented by the failure to qualify for the Champions League, handing boss Emery a budget of just £40m.
Crystal Palace laughed off an ambitious bid for Wilfried Zaha and are holding out for closer to £80m for the Ivory Coast winger, who does want to make the move across London.
Arsenal also face competition from Napoli for Celtic left-back Kieran Tierney with the Gunners under pressure to let some of their players depart.
They did announce the arrival of their first summer signing on Tuesday though with Brazilian teenager Gabriel Martinelli completing his switch.
