After finishing in third place in La Liga last season, Atletico are looking to build a squad that can rival Barcelona and Real Madrid for the league title.
They have already made an impression in the transfer market, signing left-back Javi Galan and central defender Caglar Soyuncu.
Cesar Azpilicueta has become their latest signing after the Spain international decided to bring an end to his 11-year association with Chelsea.
Having bolstered his defensive options, Diego Simeone is now set to turn his attention to the middle of the park.
After selling Geoffrey Kondogbia to Ligue 1 side Marseille, Atletico have identified Hojbjerg as someone that can strengthen their midfield.
According to the Daily Mail, the Spanish club have already opened talks with Tottenham over a transfer for the Denmark international.
Hojbjerg, who has two years left to run on his Tottenham contract, is believed to be actively seeking a move to Atletico.
Having spent his club career playing in Germany and England, the 27-year-old is seemingly keen to test himself in a new league.
While discussions are ongoing between the two clubs, the report claims that Spurs are reluctant to sell the 27-year-old.
German champions Bayern Munich has also been linked with the Dane, but Atletico are leading the race to secure his signature.
Hojbjerg featured regularly in the Tottenham midfield last season, appearing in 44 games across all competitions.
Since joining Spurs from Southampton in the summer of 2020, he has made a total of 145 appearances, scoring 10 goals and providing 16 assists.