The 23-year-old is highly-regarded by the Premier League giants but that fee, along with his £250,000-a-week wages, have made him less desirable to suitors.
Portugal international Felix would also command a €100m (£86m) option to buy after the Spanish giants set the terms of a possible transfer.
Atletico could be open to further negotiation as the January transfer window wears on after a breakdown in the relationship between the player and the club’s manager Diego Simeone.
Chelsea and Arsenal are both open to signing a forward this month after suffering long-term injuries to Armando Broja and Gabriel Jesus respectively.
The Blues are keen on a short-term option having already agreed to a deal in principle to sign Bundesliga top scorer Christopher Nkunku from RB Leipzig for £50m in the summer.
They have also signed striker David Datro Fofana, 19, from Molde but he is seen more as an option for the future.
Arsenal are currently prioritising the signing of Shakhtar Donetsk’s attacking midfielder Mykhaylo Mudryk and have improved their offer to £62m.
Manchester United are seeking an option to replace Cristiano Ronaldo, who left the club in controversial circumstances in November before recently joining Saudi club Al-Nassr.
United are subject to financial restrictions due to the proposed sale of the club by their owners, the Glazer family.