Arsenal are reportedly willing to allow Lucas Torreira to sign for Atletico Madrid on a season-long loan deal.

Torreira has failed to settle at the Gunners during his two years in North London, leading to frequent speculation regarding a potential exit.

Although there has been plenty of interest from Serie A, Atletico have also held a long-standing interest in the Uruguay international.

According to AS, the Champions League quarter-finalists have agreed terms with Arsenal regarding a loan deal for the current campaign.

Confirmation of the arrangement is expected once Atletico have freed up space in their squad by allowing Hector Herrera to depart Wanda Metropolitano.

The report adds that Atletico will have the option to sign Torreira for £22m at the end of the season.