Cape Town - Atletico Madrid have approached Chelsea in the hope of signing French striker Olivier Giroud on loan, according to Sky Sports News.
However, Chelsea are only interested on a permanent deal with the Spanish club, who won the 2017/18 Europa League.
Giroud played in all seven of France's FIFA World Cup matches but failed to score a single goal.
He has netted three in 13 Premier League appearances for the Blues since joining from Arsenal in January.
In total, the 31-year-old has scored 76 goals in 193 Premier League appearances.
Madrid's main target for the off-season transfer window is reportedly AC Milan striker Nikola Kalinic.
However, they are still uncertain whether he will be allowed to leave the San Siro.
Meanwhile, Chelsea have reportedly approached Juventus, who they hope to strike a deal with for Argentine striker Gonzalo Higuain.
The Blues finished a disappointing fifth in last season's Premier League, while Atletico finished second in La Liga.
Last season, Diego Simeone's side re-signed striker Diego Costa from Chelsea following his three-year spell at Stamford Bridge.