The England midfielder is attracting interest from Manchester United and Newcastle ahead of the January market.
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Transfer expert Fabrizio Romano is reporting Atletico are prepared to part with Gallagher in January - but only for a straight sale.
Atletico are demanding offers starting from €30m to sell Gallagher next month.
For his part, Gallagher would prefer to stay in Madrid, though accepts he many need to leave to secure better playing opportunities.