Having fallen out of favour under Mikel Arteta last year, the Spain international enjoyed an impressive loan spell with Real Betis in 2021-22.
He won the Copa del Rey with Los Verdiblancos, who also finished fifth in La Liga, and he contributed a total of five assists in 32 games for the club.
The right-back is expected to seek out a move elsewhere after an 11-year spell with the Gunners.
He possesses a contract at the Emirates until the end of the 2022-23 campaign and the north Londoners are reportedly keen to garner an £8.5m fee for the Spaniard.
However, the 27-year-old defender could be offered another potential exit route, as Goal suggest that Atletico Madrid head coach Diego Simeone has added Bellerin to his shortlist.
Los Rojiblancos are expected to prioritise a replacement for Kieran Trippier this summer after the Englishman joined Newcastle United in January.
The report goes on to claim that Atletico have been in touch with Bellerin’s representatives, but a permanent return to his homeland is his first choice if an agreement can be reached with the Gunners.
Bellerin has scored nine goals and registered 29 assists in 238 appearances for Arsenal in all competitions.