Marca says Arsenal are leading the race to sign Lemar.
Lemar, 24, has been a long-term target of the Gunners after a bid while he was at Monaco in 2017.
He joined Atletico a year later in a £60m deal but has failed to live up to expectations since moving to the Spanish capital.
Tottenham and Arsenal are both believed to have been keeping tabs on the situation but reports in Spain suggest the Gunners are at the front of the queue.
Arsenal is the most likely destination as Diego Simeone seeks to find a way out for Lemar before the transfer window closes.