The youngster had admitted interest in making the switch to the Vicente Calderon but has been denied permission from the Blaugrana, who want to hold on to the attacker for now
The 20-year-old is just one of Barca's many young talents that Atletico are understood to have an eye on, along with Marc Muniesa and Sergi Roberto.
Zubizarreta is understood to have met with his Atletico counterpart Jose Luis Caminero on Tuesday, where Tello's future was discussed.
According to reports, Barca are unwilling to part company with the striker just yet as they may use him as a makeweight in any future transfers.
Tello himself has insisted that he is open to offers for his services.
"My dream is to be at Barca, at least for the final year of my contract," he said last week.
"It would be a reward for me to go to Atletico. If I have to go, then I will go."
Tello featured prominently for Barca in the second half of last season, making 22 appearances in total for the Catalan side.