Thiago, 24, has scored 25 goals across all competitions this season, 21 of them in the Premier League, making him second only to Erling Haaland in the Golden Boot race with four games remaining.
The figures have drawn sustained attention from across Europe since January, and according to ESPN Brasil journalist Felipe Silva, all four clubs have now made formal enquiries to establish his availability and the terms of any potential deal.
Brentford are fully aware of the interest and are prepared for the summer to become complicated. The club signed Thiago from Club Brugge for €33 million in July 2024 and tied him down to a new contract until 2031 in February, giving them maximum leverage. Their position is clear: £80 million or no negotiation begins.
That figure presents different challenges to different clubs. Chelsea have the financial capacity to meet it but have five strikers already on their books heading into the summer, which complicates the logic.
Atlético's attraction is genuine and Diego Simeone's style — direct, physically demanding, transition-based — suits Thiago's profile well, but the Spanish club would need Champions League final progression and significant summer income to contemplate such an outlay. The Italian clubs are considered the least likely to reach the figure, with ESPN noting that the Serie A financial environment makes an £80 million deal for a forward extremely difficult to structure.
For Atletico Madrid, the timing is significant. They face Arsenal in the Champions League semi-final second leg on Tuesday, needing to overturn a 1-1 aggregate, and any summer investment will be shaped by the outcome of that tie and their final La Liga position. Simeone has used a fluid front three this season, rotating between Antoine Griezmann, Julián Álvarez and Gianluca Scamacca depending on fitness and opponent, and the possibility of losing Álvarez to Barcelona adds urgency to their striker search.
Thiago is also expected to be part of Brazil's World Cup squad under Carlo Ancelotti, which will only drive his profile higher and potentially his price too.