The Gunners have reportedly made signing the Ghana international their top priority as they seek a new holding midfielder for next season.
Discussions were said to have started earlier this month, and Partey's father Jacob has now confirmed as much.
"I called my son after hearing the rumours and he told me that the rumours are true," he told Tru FM.
"He told me they are holding talks between him and Arsenal. It all depends on the offer Atletico are demanding.
"If he goes to Arsenal fine, they have a lot supporters in Ghana."
Partey has made 174 appearances for Atleti since the start of the 2015-16 season and is under contract at the Wanda Metropolitano until 2023.