The Ukraine international is expected to leave Arsenal before the market shuts next week.
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Sky Deutschland's Florian Plettenberg is reporting: "Understand that Atlético Madrid have now entered the race for Oleksandr Zinchenko.
"Serious talks are underway, with Atlético open to either a permanent deal or a loan with an obligation to buy.
"Current price valuation: €20m + add-ons. The 28-y/o left-back is keen to leave Arsenal.
"Dortmund remain in the race but are currently less active, as the package is too expensive and #BVB are looking for a player who can also play as a centre-back."