The 26-year-old won the Europa League in his first season at Atletico after a move in 2011 from Galatasaray, and manager Diego Simeone is believed to want to retain him having previously spoken of the value to the club.
The Turkey international’s agent Ahmet Bulut however claimed a move was likely and stressed that he had a release clause at which the club would be obliged to sell him.
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"England is where most of the interest in him lies and they are well informed about Atletico's stance.
"They know that the Madrid club are rejecting all offers for him but that if the pay his release clause there is nothing the club can do. There have been discussions."
The attacker has also been linked with Monaco, and while his agent confirmed that a team from the French league made a £14.5m bid for him last month, he added: "both Atletico and Arda simultaneously rejected it."
His agent also added that there had been interest from Turkey, though he stressed: "No team has come close to offering the €24m [£20m] stated in his contract, but there has been a lot of activity this summer."
However, Galatasaray coach Fatih Terim in turn suggested that he could yet return to his former club.
"I talked to him for two hours after Turkey-Ghana friendly and he told me that his desire is to return to Galatasaray and he is doing everything he can to return,” Terim told reporters.
"Indeed, I would encourage our President to talk with Atletico, although I understand what he means to them and I don't want to cause trouble."