Goal says the right-back, 27, looks set to depart the Emirates this summer with the defender having just one year left on his contract.
It is believed that Betis could struggle to turn Bellerin's temporary stay into a permanent switch due to financial reasons.
But Arsenal are refusing to release him to allow him to join Betis on a free transfer as they hold out for a fee.
And this has seen Atletico look to pip Manuel Pellegrini's side to his signature, with Bellerin on Diego Simeone's radar.
Atletico were keen to sign the ex-Watford loanee last year but failed to secure his services, and they appear to have retained their interest.