According to La Razon, Blues manager Thomas Tuchel doesn’t believe that the Spanish international adds enough to his midfield to warrant exercising their £34million option on him.
Saul was a late addition to the Chelsea squad, arriving on deadline day to bolster the club’s ranks as they look to challenge for more silverware this season.
He brings a wealth of experience, having made 340 appearances in all competitions for Atleti over the last ten years.
Saul has contributed heavily to their success under the combative Diego Simeone, but his role has changed in recent seasons.
With fierce competition for places in central midfield, led by Koke, Thomas Lemar, Rodrigo De Paul and Geoffrey Kondogbia, he has often been used on the left side.
Following discussions with Simeone about his desire to play centrally, it was decided that a loan move would suit all parties.
Chelsea were happy to strike a deal for the 26-year-old but his impact has been limited so far and Tuchel is weighing up other options.
He started in the 3-0 win over Aston Villa before being withdrawn at half time and has remained on the bench for the next four Premier League games.
A late cameo at home to Malmo on Wednesday was just his third appearance for the club in all competitions.
With Saul expecting to return to Atletico Madrid when his loan deal expires at the end of the season, Chelsea could pursue Inter Milan’s Marcelo Brozovic instead.
The Croatian midfielder, an international teammate of Mateo Kovacic, is out of contract next summer and unlikely to extend his stay at the San Siro.
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