The 21-year-old winger, who helped Spain win the European Under-21 Championship this summer, learned the ropes at Barcelona's famous La Masia but currently plies his trade at Croatian club Dinamo Zagreb.
As well as Spurs, several other Premier League clubs had been linked with Olmo over the summer - Manchester United (Sport), Liverpool (Daily Star), Wolverhampton Wanderers (Sportske Novosti) and Everton (also Sportske Novosti) were all said to have had varying levels of interest.
However, with the English transfer window having already shut, any hopes of bringing Olmo to England this year are now gone, and given how much purported interest there is in him from across Europe (Bayern Munich and Paris Saint-Germain to name but a few, according to Sport), he may still move - just not to the Premier League.
According to AS, Atleti have been tracking the winger and have already held talks with the player's agent, Juan Manuel Lopez, but first they must part ways with Angel Correa and Nikola Kalinic so as to raise the funds to buy Olmo and also to ensure they remain within La Liga's salary cap.
No prospective fee or value has been mentioned for Olmo in the AS article, but according to a Mucho Deporte article from July, Tottenham had supposedly agreed a £22.5million deal for Olmo - clearly that did not come to fruition - while Sport suggested that the North Londoners were willing to go to up to £36million for his services.
Atletico have bolstered their ranks considerably this summer with the likes of Joao Felix, Marcos Llorente and former Tottenham full-back Kieran Trippier, who completed a £20million move to the Spanish side just over a month ago (BBC Sport).
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