The Spanish striker arrived at White Hart Lane in a then club record £26m deal last summer, and was widely hailed as the man to provide the goals the club had been lacking from a central attacking area.
Despite possessing a decent record in La Liga, Soldado has struggled to adapt to the Premier League, finding the back of the net on just five occasions – four of which have been from the penalty spot.
Atletico have been alerted by his woes, and are said to be lining up the 28-year-old as a possible replacement for Diego Costa.
The Brazilian-born forward is attracting attention from Chelsea, and could leave if his release clause is triggered during the next window.
Reports in Spain also indicate that Tottenham could pursue a swap deal involving both players, with Tim Sherwood thought to be keen on the prolific front-man.
However, such a move might hinge on Spurs’ ability to secure Champions League football.
Soldado may be open to a return to his homeland, with his poor form likely to see him miss out on making La Roja’s World Cup squad.