The Argentine playmaker was strongly linked with a move to Swansea City during the January transfer window
The Argentine playmaker - who, according to Transfermarkt, cost Atleti £22.5 million in 2016 - was strongly linked with a move to Swansea during the January transfer window.
And it would appear the Welsh side came fairly close to getting him - that is until, Balague claims, Gaitan 'said he wasn't leaving' Atletico.
He could, however, still depart the Wanda Metropolitano this month - albeit not to Swansea.
"The only offer Atletico had for Nicolas Gaitan, or one that was interesting to them, was from Swansea," wrote the Sky Sports Spanish football reporter.
"The clubs agreed basic details, but then Gaitan said he wasn’t leaving, so now he has been included in the squad for the Europa League.
"He’s waiting to see if he eventually goes to Russia, and that window closes on February 22. Otherwise, he will be with Atletico until the end of the season."
Despite leaving it late, Swansea did eventually find an alternative to Gaitain in the shape of their former player Andre Ayew, who returned to the Liberty Stadium for around £18 million from West Ham United.
Carlos Carvalhal's side also signed Leicester City midfielder Andy King on loan, after Roque Mesa joined Sevilla also on a temporary basis.
Tuesday's win against Arsenal saw Swansea climb off the foot of the Premier League table for the first time since early December.
The Swans are now only a point adrift of safety and could climb as high as 14th if results go their way this weekend.