The 28-year-old returned to the Spanish capital in 2020 following a two-year spell in China with Dalian Professional and has re-established himself as one of Diego Simeone's key players.
Carrasco came up with six goals and 10 assists in Atletico's title-winning 2020-21 La Liga season, while he scored another six and set up six more in 34 top-flight showings last term.
Carrasco's contract at the Wanda Metropolitano now has two years left to run, but the Belgium international is understood to possess a €60m (£51.5m) release clause in his deal.
According to Spanish outlet AS, Man United, Spurs and Chelsea have all been keeping tabs on Carrasco and have touched base regarding a potential summer transfer.
The report adds that Carrasco does not feel that his current salary recognises his importance to the Rojiblancos squad, although he is still 'very comfortable' with life in Madrid.
As a result, Carrasco could snub interest from the Premier League in order to extend his stay at Atletico, assuming that the club's offer of a new contract satisfies the left-sided player.
The report adds that Carrasco is seen as 'fundamental' to Simeone's plans at the Wanda Metropolitano, and the Atletico boss wants the club to block all offers for his integral players this summer.
Carrasco initially arrived at Atletico from Monaco in the summer of 2015 and has now played 219 games for the club over his two spells, scoring 37 goals and setting up 39 more.
Carrasco has won one La Liga title and one Europa League crown during his time in the Spanish capital, and the Rojiblancos forked out £24.3m to bring him back to the club from China two years ago.
Man United are facing an uncertain situation surrounding the left-back area ahead of the 2022-23 season, with Alex Telles failing to convince and potentially up for sale this summer.
Luke Shaw's fitness woes could lead Erik ten Hag to pursue a new player in that area, while Chelsea are also expected to be in the market for a new left-sided player amid Marcos Alonso's desire to play in La Liga.
Barcelona are being tipped to complete a deal for Alonso before the transfer window shuts, and Carrasco would seemingly slot right in as a wing-back in Thomas Tuchel's system.
Meanwhile, Tottenham have already added to their ranks on that side of the pitch with the signing of Ivan Perisic, who signed a two-year deal in North London after leaving Inter Milan.