Bellerin, who was enjoying a bounce-back campaign before suffering a serious knee injury versus Chelsea in January, was previously linked with both a Barcelona return and a Juventus switch. The latter club was reportedly put off by Arsenal's £50-million valuation of the defender last summer.
It's unlikely that the Gunners have dropped their appraisal of the pacey full-back with four years left on a contract extension penned in November 2016, especially as the club looks to rebuild with an emphasis on emerging talents.
Meanwhile, Atletico are looking ahead to a summer of widespread change. With veteran Juanfran set to leave the Wanda Metropolitano, manager Diego Simeone is in the market for a right-back to share duties with Santiago Arias.
Vitola, who has scored just one league goal in two seasons in the Spanish capital, played under Emery at Sevilla.