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Trippier has had two strong seasons in Spain, playing 35 games in all competitions last term as Atleti won their first league title since 2014.
But MARCA say the La Liga champions are willing to let the England full-back move on and could look to initiate a swap that would see Gunners defender Bellerin head in the opposite direction.
Atletico's sporting director Andrea Berta is said to be high on Bellerin, who started out at Barcelona before moving to Arsenal's youth system in 2011.
On the likelihood of a swap deal between the pair, MARCA state "the option of 'making an exchange between Spain and England can be studied".
Atletico and Arsenal did business last summer when the Gunners activated Thomas Partey's £45 million release clause and allowed Lucas Torreira to head to the Wanda Metropolitano on loan.
The former Manchester City youth product is contracted until 2023 and could well be available for a fee between £15 million and £20 million.
Regarding Kieran Trippier, there is significant interest from #MUFC. Further talks are anticipated in the next week- Jonathan Shrager (@JonathanShrager) June 5, 2021
It's been reported by The Athletic that Trippier, who comes from a family of United supporters, has been looking for houses in the north-west area ahead of a mooted move back home.
What's more, the club's director of football negotiations, Matt Judge, is believed to have started conversations with Atleti regarding the player.
The Mirror, meanwhile, claims Trippier has already told England teammates that he wishes to move to United after two years in the Spanish capital.
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