Spanish newspaper AS, as quoted by the Sun, is reporting that the Gunners have made the 23-year-old one of their top targets ahead of the summer transfer window.
The same report says that Arsenal have already approached the Spanish club about the possibility of signing the Spain international.
According to the same story, the Gunners have stolen a march on Manchester United, who are also believed to be interested in signing Niguez this summer.
Niguez is under contract until the summer of 2026 and is understood to have a release clause of £130m in his deal with the Spanish side.
He has been in fine form for Atletico so far this season, scoring six goals and making three assists in all competitions for the La Liga side.
The story comes after Arsenal were pitted against Atletico Madrid in the Europa League semi-finals.
The Gunners will take on Diego Simeone’s men over two legs as they bid to try and reach the final of Europe’s second tier club competition.
Arsenal are currently preparing for their trip to Newcastle United in the Premier League on Sunday afternoon.
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