The 30-year-old has struggled to establish himself in Diego Simeone's side since joining the club last summer, making only nine La Liga starts so far this season.
Herrera is understood to have turned down a move to West Ham United during the January window in order to fight for his place in the Atletico first team, but will consider his future again when the summer window opens.
The Independent claims that West Ham retain an interest in the Mexico international despite ultimately signing Tomas Soucek in January, but that they will face competition from a number of unnamed Premier League rivals.
The report also claims that Herrera could be available for a cut-price fee as Atletico are in a precarious financial position due to the coronavirus pandemic and the possibility that they could miss out on next season's Champions League.
However, West Ham may still need to sell players before they can bring anyone else in, with reports suggesting that the Hammers hierarchy have not ruled out the sale of any player this summer. body check tags ::