Atletico Madrid have shortlisted Filipe Luis, Wendell Nascimento Borges and Arsenal's Nacho Monreal as possible targets during the summer transfer window.
According to Marca, the Spaniards are ready to offer at least £7m to sign the 29-year-old although Chelsea's Filipe Luis continues to be the main target for Diego Simeone's side.
It is not the first time that Atletico have shown interest in the Arsenal man having made an approach last summer as well.
If boss Arsene Wenger fails in keeping the Spaniard at the Emirates, he would make a move for Leicester City's Jeffrey Schlupp due to the ongoing injury problems suffered by regular left-back Kieran Gibbs.
Monreal started 38 games for the Gunners this season, scoring his only goal of the season against Manchester United.