The Spaniard is reportedly on his way out of the Emirates Stadium this summer.
And Mikel Arteta sees Trippier as a strong replacement for Bellerin.
The 30-year-old left Tottenham Hotspur to join Atletico for around £20 million in 2019.
Trippier has been a real hit in the Spanish capital, but he could now be set for a return to London.
Arsenal move in to sign Trippier
The Sun claims that the Gunners are taking advantage of Manchester United’s dithering.
The Red Devils have reportedly been talking with Trippier’s representatives since before the European Championships.
However, they are only willing to pay £20m for the England international.
Arsenal could meet Atletico’s £34m asking price for Trippier.
In 28 La Liga outings for Atletico last season, the former Spurs man averaged 2.2 tackles, 1.4 interceptions and 1.7 clearances per game. He also racked up six assists.
Trippier, who earns £82k-a-week (Salary Sport), is undoubtedly a top-class player.
It must be said that £34m is an awful lot of money for a 30-year-old right-back.
Perhaps £25m would be a fairer price.
With Atletico in such desperate need to sell to meet FFP regulations, they could be tempted into accepting a lower fee.
The Englishman would certainly be an upgrade on Bellerin at the Emirates.
Stats obtained via WhoScored.