The Eredivisie outfit have accepted a bid from the Spanish champions for the teenager, but the Belgium international has not yet signed a contract with the RojiblancosPSV director Marcel Brands has revealed that Zakaria Bakkali has yet to agree personal terms with Atletico Madrid ahead of the winger's proposed move to the Vicente Calderon.
The Eredivise have accepted a bid from the Spanish champions for the Belgium international but the deal has been held up by the 18-year-old, and the uncertainty surrounding exactly who is representing him.
"We have an agreement with Atletico Madrid about Zakaria Bakkali, but this only counts when the player also reaches an agreement with that club," Brands told Fox Sports.
"I understand that he's not represented by his agent anymore and is doing business with a lawyer now.
"We made him an offer, but he refused. He gets the time to think about his future and until then, he's training in our second squad.
"He started very well with us, but then had a setback. He made some wrong decisions, but I hope he makes the right one now."
Bakkali announced himself as a rising star by becoming the youngest player to score a hat-trick in the Eredivisie when he netted three times in last August's 5-0 win over NEC at the age of 17.