The Spanish side were one of the clubs pursuing Lacazette when he left Lyon for Arsenal in 2017.
Diego Simeone is desperate to add more firepower to his forward line as Atleti look to defend their La Liga title.
ESPN - via the Daily Mail - report that Simeone thinks Lacazette can bolster his goalscoring ranks.
Arsenal are happy to cash in on the Frenchman, who has one year remaining on his contract.
They have slapped a £15m price-tag on the 30-year-old.
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