Numerous transfer situations remain unresolved across Europe's leading clubs this summer, with Woltemade, 24, now the subject of fresh speculation.
Despite Newcastle United's significant investment in the towering striker, his performances have not quite matched expectations, with his involvement tailing off as the season progressed, leaving the door open to a possible change of scenery.
According to AS, Atletico Madrid are among the clubs preparing to enter a potential bidding war for Woltemade.
Diego Simeone's side are closely monitoring the German forward's situation, with the player valued at €65m. Aston Villa and Borussia Dortmund are also reported to fit the profile of the kind of reinforcement Woltemade represents, presenting two significant obstacles to any move by Atletico.
On the structure of any deal, AS reports that a loan move could also be an option for Woltemade as he looks for goals and the consistency he lacked at Newcastle.
"He started very well, scoring and playing at a good level, but lost prominence as the season went on," the report states.
It remains to be seen whether Atletico will move to test Newcastle's resolve over a player who arrived with significant fanfare but has so far struggled to deliver on his early promise in English football.
Woltemade joined Newcastle from VfB Stuttgart last August in a club-record deal worth around £65m as the club's chosen replacement for Alexander Isak. He started well, scoring on his Premier League debut and netting in his first three matches at St James' Park, but his form dropped off sharply after the turn of the year, with manager Eddie Howe increasingly using him in a deeper midfield role rather than as an out-and-out striker.
The 24-year-old has not scored a top-flight goal in his last 15 league appearances, a run that has fuelled speculation over his long-term future at the club just months after becoming Newcastle's most expensive signing in their history.