Aubameyang has not yet been made available for sale or loan but his name has been mentioned during negotiations with Atletico over Felix, who is joining Chelsea on a six-month loan deal that will see the Blues pay his £270,000-a-week wages in full.
Aubameyang has not started for Chelsea since November 6 and Kai Havertz is increasingly favoured by manager Graham Potter.
Having only moved to Stamford Bridge in a £12million switch from Barcelona last summer, the former Arsenal striker is still keen to fight for his place.
Having already played for Barca this season, the Gabon striker would be unable to play for a third European club this season due to FIFA registration rules, but a summer move is possible.
Diego Simeone has asked Atletico for forward replacements for Felix and Matheus Cunha, who has joined Wolves. Atletico are also thought to be weighing up a move for Barcelona's Memphis Depay.
Aubameyang scored 13 goals in 24 games for Barcelona during a six-month spell last season and is highly regarded in Spain.
At Chelsea though, he has just three goals in 15 games this season and has struggled since Thomas Tuchel was sacked, with many of his appearances coming from the bench.
The loan signing of Felix could also impact the futures of Christian Pulisic and Hakim Ziyech, who are ready to leave Chelsea and have less than 18 months left on their current contracts.
Felix will be Chelsea's fourth January signing, having already brought in Benoit Badiashile, David Datro Fofana and Andrey Santos.