Former San Lorenzo vice-president Marco Tinelli has revealed talks are underway between the two clubs.
"There's been meetings with lawyers and letters from one side to the other. Of those who love him, Atletico is the most important club, but he's not yet signed.
"The desire for Correa is to play European football, particularly for Atletico Madrid.
"Diego Simeone wants him and also the Atleti president."
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