That's according to El Chiringuito, which is reporting negotiations between Atletico and Red Bull's global football director are now at an advanced stage.
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The move is being driven by Apollo, now Atletico's majority shareholder. Mark Rowan, chief exec of Apollo, is said to be making the move. There are claims Apollo wish to freshen up the dugout, replacing Diego Simeone with Klopp.
And while Klopp has been linked with Real Madrid, the German has talked up the prospect of coaching Atletico in the past.
"I like Atlético's profile. I moved in Germany, not to Bayern Munich; I went to Dortmund. I went to the Premier League, not to City; I went to Liverpool. I like Atlético's profile," Klopp recently said.