The 23-year-old has been in impressive form for his Scottish club during the 2023-24 campaign, making 29 appearances in all competitions, scoring 10 goals and registering 12 assists in the process.
There has been a host of speculation surrounding his future this month, with Girona and Inter Milan both believed to have contacted Celtic to register their interest.
According to Sky Sports News, Atletico have now submitted an offer, with the Red and Whites wanting to sign O'Riley on loan for the rest of the season, and an obligation to buy could be included in the deal.
The report claims that Celtic will battle to keep hold of the midfielder, who signed a new contract last summer, with his terms due to run until the end of the 2026-27 campaign.
O'Riley has scored 18 goals and registered 28 assists in 101 appearances for his Scottish club since arriving from MK Dons until January 2022.
Meanwhile, according to The Athletic, Blackburn Rovers have turned down Crystal Palace's £18.5m offer for Adam Wharton.
There is currently a host of speculation surrounding the 19-year-old, with Newcastle United, Everton and Tottenham Hotspur all believed to be keen on his signature.
Palace are allegedly attempting to sign him before the end of the January transfer window but have failed with an £18.5m offer for his services.
The report claims that Blackburn want a higher price for the teenager and are also insisting that any deal sees him remain with the Championship club on loan for the rest of the season.
Wharton has scored twice and registered three assists in 29 appearances at club level this season, with 26 of those outings coming in the Championship.
Elsewh
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