Last week, Spanish publication Marca has revealed via Sport Witness that Gallagher is “seriously considering” his return to England amid boss Diego Simeone favouring other midfielder options within his side which includes Pablo Barrios and summer signing Johnny Cardoso.
Following Atletico's recent signing of Argentine midfielder Thiago Almada from Brazilian outfit Botafogo, the Spanish giants have now exceeded the threshold of three non-EU players which makes it even more awkward for the England international.
Now, transfer expert Fabrizio Romano has confirmed that Gallagher is wanted by The Eagles who are looking for a replacement for Eberechi Eze who left for Arsenal last week.
“Crystal Palace have approached Atlético Madrid over potential return for Conor Gallagher.
“Concrete interest for loan move but nothing agreed at this stage, initial talks took place.
“One to watch based on Atlético decision - follows @BobbyManzi Info."
Both Tottenham and Chelsea have been linked with a move for Gallagher over the last few months. Spurs are also in the market for a replacement for Son Heung-min, who left for Major League Soccer earlier this summer whilst The Blues could see Gallagher as an upgrade on many of their young assets.
Gallagher joined Atletico from the Blues in a deal worth a reported £34M last summer and the if reports are correct the 25 year old would be open to returning to England where Palace are eager to bring him in before the transfer window shuts for good.