Diego Simeone is on the lookout for a new right-back following Juanfran’s exit at the end of last season.
And the Atletico boss has made Bellerin, who is valued at £50m by his current employers, his leading target.
Arsenal are keen to keep hold of the Spaniard, but Atletico plan to send Vitolo in the opposite direction in an attempt to convince the Premier League club to sell.
Vitolo excelled under Unai Emery at Sevilla and would welcome the prospect of linking up with his former manager at the Emirates Stadium.
However, it remains to be seen whether the potential inclusion of the winger in any deal would be enough to persuade Arsenal to let Bellerin go.