However, there is currently no advanced operation or negotiation to suggest an imminent arrival at the Metropolitano.
Atletico Madrid have lacked a player capable of consistently breaking down defences through dribbling in recent seasons. Diego Simeone has wingers and forwards with strong combination play and goalscoring ability, but the squad has missed a profile able to beat opponents one-on-one on a regular basis, create overloads and open up packed defences. Sancho, out of contract since leaving Manchester United last month, fits that description.
At 26, the England international remains one of the most unpredictable players in the game when given a run of matches, having come through Manchester City's academy before becoming a star at Borussia Dortmund, where he twice passed 20 goals and 20 assists in a single season across all competitions.
His subsequent spell at Manchester United fell well short of expectations, though he retains significant standing across the European market.
Competition for a starting spot would also be a factor at Atletico, where only Giuliano Simeone currently occupies the position Sancho would be expected to fill, a role that typically requires several players competing for game time.
The financial side of any deal matters too. Sancho remains one of the higher earners in English football, and while his valuation has fallen sharply since Manchester United paid more than €85m for him in 2021, any move would require him to significantly lower his salary demands, which is why the report is being read more as an exploratory enquiry than a genuine negotiation at this stage. The absence of a transfer fee, given his free agent status, remains a point in his favour.
Atletico continue to monitor opportunities elsewhere in the market, with strengthening their squad the priority this summer even as the club has focused on getting younger. The possibility of adding a dribbling winger remains one of several options the sporting department are keeping on the table.