The Tottenham Hotspur striker has spent just one season in the Premier League.
The Spanish forward had a difficult first season in the Premier League, and is looking for an escape route back to his home country, according to Marca.
After signing Mario Mandzukic, Antoine Griezmann and Jan Oblak in this transfer window Atletico are not believed to have the fund available to sign Soldado on a permanent deal.
They will instead pursue a season-long loan agreement for the 29-year-old.
Atletico are looking to fill the void up front left by the sales of star strikers Diego Costa and David Villa. The Spanish champions will hope that the trio of Mandzukic, Griezmann and Soldado will provide them with similar value in attack.
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Soldado moved to White Hart Lane for £26 million from Valencia last season, but struggled to adapt to English football's top flight. He started well, netting four times in his first three games for the club, but scored sporadically after that and bagged just one goal in 2014.
The Spaniard's departure would leave Spurs with just Emmanuel Adebayor and Erik Lamela as viable options up front, seemingly opening the door for another striker to be brought in.