The £30million winger was signed as a replacement for Gareth Bale, but now it seems he could be following the Welshman to the Spanish capital after less than six months.
Reports in Spain suggest negotiations over a loan deal for the 21-year-old have already begun, with Andre Villas-Boas accepting the club record signing has struggled to adapt to life in north London.
Lamela has started just two Premier League games since completing his £30million switch from Roma in the summer, and has managed just a single Tottenham goal – which came in the Europa League.
Villas-Boas is now hoping some time in La Liga will restore the confidence of the former River Plate winger.
The move for Lamela may open the door for Spanish playmaker Koke to join either Manchester United or Liverpool.
The 21-year-old has been heavily linked with a £16million move to the Premier League in January, while AC Milan and Barcelona are also thought to be interested.
Atletico have also been linked with a January move for Chelsea duo Kevin De Bruyne and Juan Mata, both of whom have found themselves on the fringes of the Chelsea first team this season.