However, he has been heavily linked with a move back to England, with Manchester United reportedly leading the race for the 30-year-old.
But despite United appearing to be unopposed in their push for the former Tottenham defender, reports from Marca have hinted at Arsenal offering Bellerin as a direct replacement.
Bellerin has indicated his lack of interest in signing a contract extension at the Emirates Stadium with his current deal expiring in 2023.
Mikel Arteta does not want to lose the Spanish international, but if the club push to remove him from their wage bill, a swap would give the Basque coach an instant replacement at right back.
A straight cash offer from United is likely to be in the region of £30m with Atletico under no pressure to sell their key defender.