However, they would need to do that before Partey signs a new contract with Atleti. The midfielder is currently in negotiations with the club about an improved deal.
The renewal would include an increased salary for Partey and a higher release clause. So the Gunners would need to land the 26-year-old before then.
Yet Partey is keen to remain in Madrid, having spent his entire career with Atletico - minus two loan spells - and has played 175 games for them in all competitions.
"Atlético is my home, the club that gave everything, where I want to be," the Ghana international said.
"My agent is talking to the club about the renewal. I hope everything goes well."
Arsenal remain keen on signing Partey, though, and have told his representatives that if a new contract isn't agreed they're ready to pay his release clause.
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.