Olympique Marseille, Napoli and Bournemouth have all tabled proposals for the 24-year-old, according to Kicker, with Freiburg said to be demanding a fee in the region of €15m to €20m for a goalkeeper who wants to leave a year before his contract, which runs until June 2027, expires.
The two clubs from France and Italy would offer Atubolu an immediate path to becoming their number one, with Marseille's Gerónimo Rulli having just departed for Manchester City and Napoli weighing him up as a long-term option in goal, where Vanja Milinković-Savić is currently first choice.
Bournemouth, managed by fellow German Marco Rose, would instead present an open competition for the starting spot against last season's first-choice, Djordje Petrovic, rather than a guarantee of regular football.
According to Bild, Atubolu's representatives travelled to Naples earlier in the week for talks, a trip first flagged by Gazzetta dello Sport, underlining the seriousness of Napoli's interest.
Juventus have also been credited with interest in the Freiburg-born goalkeeper from within Serie A, adding a further layer of competition to a market that had, for some time, appeared stuck, with no club yet having submitted a fee that fully satisfies Freiburg's valuation.
Atubolu's move away from the Breisgau club has looked inevitable for a while, with the German international, who is of Nigerian descent and eligible to represent both countries, having already made clear his intention to seek a new challenge this summer.
SC Freiburg moved to secure their goalkeeping future regardless, having already signed Mio Backhaus from Werder Bremen as his successor between the posts, a deal reported to be worth around €12m.
Atubolu had initially set his sights on a move to the Premier League, with Aston Villa, Bournemouth, Chelsea and Tottenham all previously credited with interest, and newly promoted Hull City and Coventry City both making approaches he turned down, but the lack of a firm English offer beyond Bournemouth's has left the door open for Serie A and Ligue 1 clubs to move in instead, with a decision now expected to come down to which destination offers the clearest route to regular first-team football.