The Spain Under-21 international has returned to the Wanda Metropolitano on the back of a successful loan spell with Alaves in 2023-24, where he came up with eight goals and one assist in 34 La Liga contests.
The form of Omorodion - who also boasts two goals in seven games for Spain's Under-21s - reportedly attracted the attention of Chelsea, who have had no qualms about shelling out extortionate transfer sums for hot prospects since Todd Boehly took over.
Last month, it was reported that the Blues had lodged an opening offer of around €30m (£25.3m), which could have hit €40m (£33.7m) with add-ons, but they were swiftly rebuffed by Atletico.
The West London giants did not throw in the towel after their first rejection and apparently returned with an improved offer of £42m, but again, their advances were met with the cold shoulder.
Chelsea 'have had enough' of Omorodion rejections
Omorodion's contract in the Spanish capital does not expire for another four seasons, and Atletico were supposedly holding out for a fee of around £70m to sell the striker, who is yet to make his first-team debut for Diego Simeone's side.
As a result, Spanish outlet Marca claims that Chelsea have now pulled out of the race to sign the 2004-born talent, having 'had enough' of Atletico constantly turning their reasonable offers down.
The powers-that-be at Stamford Bridge had supposedly earmarked Omorodion - who stands at 6ft 4in tall - as a potential leading marksman for years to come, but Atletico believe that he can blossom in Spain in the coming seasons.
Simeone supposedly views the 20-year-old as a player who could succeed Memphis Depay, and as there is also uncertainty over the future of Alvaro Morata, Atletico are desperate to keep hold of Omorodion.
Furthermore, the attacker himself is understood to be keen to stay put and make a name for himself in the red and white shirt, forcing Chelsea to look elsewhere in their search for new attacking blood.
What Omorodion alternatives can Chelsea target?
While there is no doubting Omorodion's talent and potential, Chelsea have made the right call on this occasion; forking out £70m for a player yet to make his senior debut for his current club would have been unjustifiable.
Instead, the Blues - who have already poached Marc Guiu from Barcelona for a paltry £5m - could sign a much cheaper option in the form of Lille's Jonathan David, who may only command £20m to leave this summer.
The Canada international is now in the last 12 months of his contract with the 2020-21 Ligue 1 champions, who are resigned to losing him this summer, but West Ham United and Tottenham Hotspur are also in the running.
In recent days, Enzo Maresca's men have also been heavily linked with a move for Borussia Dortmund's Karim Adeyemi, who is believed to be valued at £25m by the Champions League runners-up, and talks are now ongoing.
Napoli's Victor Osimhen and Newcastle United's Alexander Isak used to be prime targets, but as neither will leave their current clubs for less than £100m, Chelsea have cooled their interest in the pair.