The striker is being targeted by Atletico, independent of the future of Antoine Griezmann. Should the Frenchman stay, Atletico will continue to pursue Rodrigo's signing.
While Rodrigo's contract carries a €100m buyout clause, Valencia are willing to do business for €60m. However, that figure is still too rich for Atletico.
Instead, they aim to include Kevin Gameiro in their offer for Rodrigo to drive down the cash component of the deal.
Valencia chiefs are keen on Gameiro, having made enquiries after the French striker in January.