According to La Gazzetta dello Sport and Calciomercato.it, the Serie A side is showing an interest in the 22-year-old who has eight caps for Portugal at Under-21 level.
He was signed from Benfica at a cost of €8m in the summer of 2021 and made 28 competitive appearances for Arsenal in the 2021-22 season, contributing one goal and two assists.
His contract in London runs to June 2025 with an option to extend for a further campaign, so it would most likely be a loan approach by Atalanta with option to buy.
La Gazzetta dello Sport maintain that both Arsenal and the player himself need to be convinced to accept Atalanta as a destination.
After three consecutive campaigns in the Champions League, Atalanta failed to qualify for European competition.
— calciomercato.it (@calciomercatoit) June 16, 2022