The Argentine joined 'Los Colchoneros' from Benfica back in 2016 but has struggled to cement a first-team place under compatriot Diego Simeone.
The 29-year-old has made just 12 appearances in all competitions so far this season, starting on only four occasions.
Now, his agent Jose Iribarren has admitted that his client looks set to move on in the New Year and that he could be set for a move to England, telling 'Foot Mercato': 'I can tell you English clubs are interested.
'Yes, he'll undoubtedly leave Atletico in January. He has a lot of concrete offers. Nicolas was an important player when he played in Argentina, at Benfica, and with the national team.
'He can't continue in these conditions. If he can't play a string of matches, nor win the coach's trust... A player wants to play. We're going to see with Atletico which solution we can find.
'We hope to find a club where the player will be happy and will play regularly, Nicolas isn't a player who's happy to play 15 minutes per match. He wants to play every game.'
Despite Gaitan's big move not working out, Iribarren insists that there are no hard feelings towards either Atletico or boss Diego Simeone.
'But there is no rancour towards Atletico Madrid,' he explained. 'The club weren't able to give him a lot of playing time and make him feel important. Nicolas needs to feel important to play to his best. Each player works differently.
'Atletico have gotten good results recently, but they don't play a style of football that suits Nicolas. The best solution is a change of scenery. We need a team that needs a player of Nicolas' profile.
'He could leave on loan or in a permanent transfer. That decision belongs to Atletico. We have a lot of respect for Atletico and their president. We have to find a solution that suits both the player and Atletico.
'We want to do that with the utmost respect.'
Gaitan was heavily linked with a move to Manchester United before joining Atletico, though it appears that ship may have now sailed for the Agentina international.
Will we be seeing Gaitan in the Premier League in the near future?