The Spanish giants are holding out for the £45million release clause for their 27-year-old Ghanaian midfielder.
That is causing a problem for the Gunners, who have a restricted transfer budget.
Now they are looking at alternative ways to broker a deal.
And Lacazette, Bellerin and Torreira have been mentioned in discussions between the two clubs.
But Atletico have no interest in such a proposition as they want his release clause paid in full.