Forlan, 31, has attracted the interest of Spurs boss Harry Redknapp in recent weeks as the White Hart Lane supremo looks to revamp his strike-force ahead of their upcoming Champions League campaign this season.
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"I like the look of the Uruguayans," Redknapp said in the Sunday Express.
"I think Forlan would have another two or three good years in the Premier League, but his wages could be a problem."
Forlan struggled for two seasons at Old Trafford with Manchester United from 2002-04 before finally finding his feat in La Liga with Villarreal and Atletico.
But the Red Devils' first-team coach Rene Muelensteen admitted that the Uruguayan would be welcome back at Sir Alex Ferguson's side.
"Diego was at the wrong place at the wrong time but we worked hard and I told him, 'what you learn here, you will take with you'. You are a player who adds something to every squad," Muelensteen said.
"He has developed fantastically, so complete - a top athlete. I really would welcome him back to Manchester United."
Muelensteen revealed that he sent Forlan a text after his Europa League triumph over Fulham, saying: “Top class, if it's up to me you will return to us!”
But despite such high praise, Forlan insists he has no plans to leave the Vicente Calderon for either United or Tottenham and wishes to remain in Spain.
"I am very happy in Madrid and I have three-years left on my contract with Atletico. I will not go,” he told Marca.
"Now I want to have another season as good, or better, than the one just completed."
By James Martini
