Atletico boss Diego Simeone is said to have his eye on the versatile England international, who is becoming an increasingly key figure his country.
Saka made four appearances for Gareth Southgate's Three Lions at Euro 2020, starting the Round of 16 win against Germany and historic semi-final victory over Denmark.
According to La Razon (via the Daily Star), Atleti are admirers of the 20-year-old.
Having risen through the Arsenal youth ranks, aka was handed his first-team debut by Unai Emery in December 2018, and there's a case to be made for him being the key man for the Gunners under Mikel Arteta.
That's thanks in part to his versatility, which has allowed him to thrive as a winger, wing-back or left-back. He's also shown himself to be capable in midfield - which is where Simeone - who has traditionally favoured a 4-4-2 but has employed various three-at-the-back systems more recently - may see him slotting in.
Saul Niguez's loan move to Chelsea has left the La Liga champions with something of a hole in their midfield ranks - and the Spain international could join the Blues permanently at the end of the season.
Should that happen, Atletico could receive around £30 million. Arsenal are said to value Saka at around £40 million - although one senses the asking price will end up being a lot higher, if it isn't already.
Saka still has three years left to run on his contract at the Emirates, having put pen to paper on a new deal last year.
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