According to Ouest-France, Atlanta are expected to pay just over €17m for the 29-year-old, who already has an agreement in place with the Five Stripes.
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Embolo’s contract includes a fixed release clause for this summer.
The transfer would make him Atlanta’s second-most expensive signing, behind Emmanuel Latte Lath, who joined for around €21m in 2025.
Embolo arrived at Rennes from Monaco last summer and enjoyed an impressive campaign, registering 10 goals and three assists in 34 appearances.
The 92-cap Switzerland international also scored twice and added two assists in six World Cup appearances.