Baptistao has an €8 million release clause in his deal, but Atletico plan to pay between €4m and €6m.
Rayo Vallecano would also accept one of Atletico’s highly rated youngsters as part of the deal, with Saul, Manquillo and Oliver Torres touted as possible movers.
Leo Baptistao came through the youth ranks at Rayo Vallecano. He joined from Brazilian side Santos at the age of 16.
The Brazilian exploded onto the biggest stage this season, netting 6 times ad making 6 assists in 16 La Liga matches, attracting a lot of attention in the process.
Baptistao, 20, is now set for a switch to Vicente Calderon, where he will be able to continue his development under stars like Falcao and Arda Turan providing they stay .