The Blues are pushing to sign a top center forward and were hoping to secure Victor Osimhen.
However, no progress has been made on that deal for a number of days.
Per The Mail, there is hope that the Blues can convince Atleti to sell their young striker.
The two clubs are already negotiating for the transfer of Conor Gallagher to the Spanish club.
Meanwhile, Atleti are splashing the cash on Manchester City forward Julian Alvarez.