The Spanish giants insists they will not sell for less than Partey's release clause of €50m.
Matteo Guendouzi has reportedly been offered as a makeweight in the deal, but Atleti are not interested.
The coronavirus pandemic and failing to qualify for Europe has stretched the Gunners financially.
However, the same can be said of Atleti, who have been unable to reward Partey with a new contract and thus increase his release clause.
Goal says the north London club think Atleti could lower their demands once their Champions League campaign is over.
The 28-year-old has made it known publicly that he would be keen to join Arsenal.
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