The Spanish capital club are believed to be in the market for a new attacking-minded player following Jose Antonio Reyes' transfer to Sevilla earlier on Thursday.
Buonanotte joined Malaga from River Plate in the summer for an undisclosed fee, but has failed to hold down a regular place under coach Manuel Pellegrini.
With only seven appearances to date at Malaga, the 23-year-old is reportedly considering his options, and a reunion with Atletico coach Diego Simeone, who coached him at River Plate, is a strong possibility.
It is believed that Atletico have already asked Malaga about the availability of Buonanotte, who has a €25 million release clause attached to his contract, which runs out in 2016.
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