Tottenham Hotspur were last linked with the 27-year-old in 2015.
Tottenham, who are understood to be pursuing reinforcements in the Montenegrin's position, are 5/1 for his signature.
Savic, who endured a disappointing year-long spell at Manchester City at the start of the decade, has since established himself as one of Europe's top defenders, during stints at Fiorentina and then Atletico.
And his recent form would surely make Savic a desirable target for Spurs, should Toby Alderweireld depart north London this summer.
Mauricio Pochettino's side could however face competition should they wish to pursue a deal for the 27-year-old, with Chelsea (11/8), Juventus (2/1), Bayern Munich (3/1) and Napoli (4/1) each ahead of them in the betting.
And that is assuming Atletico would be willing to part with Savic, who is one of only three senior options at centre-back.
Tottenham were last linked with the player in 2015 (Evening Standard), having been turned down by him five years earlier - or so he claimed (Daily Mail) - in favour of a move to Arsneal that never materialised.