The 24-year-old has struggled to adapt to the Spanish game since his £62million move from AS Monaco in 2018 and has gone almost a year without a goal or assist.
Its been suggested that United had opened talks with the Frenchman’s representatives last month, while the Gunners have also previously been linked with a move.
Spanish publication Sport now claim Atletico are growing frustrated with Lemar’s lack of progress and are now set to offload him this summer.
The winger could be made available at a cut-price fee with Atletico resigned to making a loss and remove him from the club’s wage bill.
It will be interesting to see whether Arsenal will make a move for Lemar as their backline needs addressing first and foremost this summer.