Last summer, Spurs moved to sign the right-sided player on a five-year contract, taking advantage of the ongoing financial issues at Barcelona.
In his first campaign in the Premier League, Emerson made a total of 26 starts and five assists, posting one goal and one assist from wing-back.
With Matt Doherty having missed the final weeks of the season through injury, the 23-year-old was provided with regular game time as Spurs qualified for the Champions League.
However, according to Football Insider, Spurs head coach Antonio Conte is open to parting ways with the Brazilian for the right price.
That has allegedly resulted in Atletico being prepared to up their interest in a player who has made a total of 76 outings for Real Betis and Barcelona in La Liga.
Diego Simeone is in the market for a long-term replacement for Kieran Trippier, who was allowed to depart for Newcastle United in January.
The report claims that Spurs are prepared to part ways with Emerson for a fee in the region of £20m, although the North Londoners would likely expect add-ons on top of the initial outlay.
As it stands, it is unclear whether Emerson would be receptive of a quick return to Spain, but much could depend on where he will receive more first-team opportunities.
Spurs are known to be admirers of Middlesbrough defender Djed Spence, who has just helped Nottingham Forest earn promotion to the Premier League.
Although a deal is yet to be completed, negotiations are continuing to be held with Boro said to be looking to recoup in the region of £20m.
With Doherty still injured and due to turn 31 years of age in January, Spurs may feel that it makes more financial sense to cash in on Emerson should an opportunity arise.
Various players featured at right-back or right wing-back for Atletico last season, with Marcos Llorente and Sime Vrsaljko the other options aside from Trippier.
However, Vrsaljko is leaving Wanda Metropolitano on a free transfer, freeing up space in the squad for a fresh option in that area of the pitch.