Despite the financial implications of the coronavirus pandemic, the Gunners are being proactive in their attempt to put together a squad which they feel is capable of challenging for the top four in the Premier League next season.
With new deals having recently been announced for three players, the North London outfit now hope to make at least one major addition in the transfer market.
According to David Ornstein of The Athletic, Arsenal have 'intensified' their pursuit of Partey, who has become an increasingly-influential performer at Wanda Metropolitano.
Although the 27-year-old has three years left on his contract, a release clause in the region of £47m is attracting attention from Arsenal and other top European clubs.
The Ghana international has made 40 appearances this season, the most recent of which came in Atletico's 2-2 draw at Barcelona on Tuesday night.