Dusan Tadic emerged as a target for Arsenal last month amid reports the Southampton man had a £13million release clause.
The Gunners are said to be tracking the Serbia international as a potential replacement for Mesut Ozil who is yet to agree a new deal with the club.
However, the north London side are not the only suitors for Tadic who has reportedly also attracted attention from Atletico Madrid.
Spanish outlet El Desmarque claim the La Liga giants are looking to strengthen this summer and have set their sights on the 28-year-old.
The report says Tadic's versatility and ability to play anywhere across the front three has caught the eye of Diego Simeone.
However, Atletico are expecting a tough battle to sign the Serbian with Arsenal, Manchester City and Italian giants Napoli and Roma also showing interest.
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Roma have reportedly entered the chase for the Saints man following the recommendation of their new sporting director Monchi.
The 48-year-old reportedly tried to sign Tadic during his time at Sevilla but lost out to Southampton.
The midfielder has made 38 appearances this season in all competitions, scoring three goals and providing eight assists.