The 22-year-old has failed to live up to his nine-figure price tag since arriving at the Wanda Metropolitano for a £114m fee from Benfica in the summer of 2019.
Felix has come up with 31 goals and 18 assists in 126 outings for Diego Simeone's side, winning the La Liga title in 2020-21, but he has failed to net more than eight goals in a top-flight season for the Rojiblancos.
Competition for attacking places is rife within the Atletico ranks this term, as Felix jostles with Antoine Griezmann, Alvaro Morata, Angel Correa and Matheus Cunha for places in the first XI.
Having started just five matches in La Liga and two games in the Champions League this season, there have been suggestions that Felix is keen to secure a move away from Atletico in 2023.
A recent report claimed that the Portugal international was pushing to leave the club as early as January, with Manchester United believed to be showing an interest.
However, Marca claims that Bayern Munich came forward with a bid of £85m for the attacker's services in the summer, but Atletico turned down their advances.
While Julian Nagelsmann's side were rebuffed over the summer, the report suggests that the German champions could try again for Felix given that he wants to leave Atletico "as soon as possible".
The former Benfica starlet is under contract at the Wanda Metropolitano until 2026, but he was left on the bench again for the weekend's 3-2 La Liga defeat to Cadiz.
Morata and Correa started up front for Atletico, but the former withdrew through injury with just 10 minutes gone and was replaced by Cunha, leaving Felix on the bench for the first half.
The 22-year-old was brought on for Correa on the hour mark and scored two goals in quick succession in the 85th and 89th minute of the match to seemingly rescue a point for the Rojiblancos.
However, Felix's first goals of the season were ultimately in vain, as Cadiz substitute Ruben Sobrino restored the hosts' lead in the ninth minute of second-half injury time.
Nevertheless, Simeone was left encouraged by Felix's impact as a substitute, telling DAZN: "Joao came in to do what he knows how to do, he did it very well.
"He scored a lucky goal but with the initiative to generate danger, he was the most dangerous of the forwards that were in the short time he entered. He scored a great goal, the second is a great goal. Hopefully he can keep that because in reality that is the player we all want."
Atletico remain third in the La Liga table after their loss to Cadiz, with Real Madrid nine points better off at the top, and Simeone's side now prepare to face Porto in Tuesday's Champions League clash having already been eliminated from the competition.