According to Italian football expert Gianluca Di Marzio, the Spanish club are willing to listen to offers for the midfielder.
Partey has a £43.5 million release clause in his current contract, but Atletico have been eager for the 26-year-old to agree a new deal to avoid losing him on the cheap.
The Ghanaian has been an integral part of Atletico’s midfield over the past few years and Di Marzio says the Gunners are desperate to sign him.
“Arsenal want him a lot,” he told Sky Sports. “Every Atletico Madrid player is on the market, so it depends a lot on the offer.
“Atletico are open to selling every player if the offer is good.
“It also depends on budget – how much Arsenal can afford? And how much Atletico want?
“Atletico will want money, so it is difficult to see them doing a deal involving other players as part of it.
“They are very smart when it comes to doing deals and it will not be a surprise if Thomas Partey was to stay.
“He is young, he is not like Diego Costa, and they can sell him next year if they want or even in two years time.
“So they are in control.”