Atletico Madrid president Enrique Cerezo has confirmed the Spanish club is in talks with Chelsea regarding left-back Filipe Luis' return.
The Brazil international joined Chelsea in a £15.8m transfer last summer after four seasons at the Vicente Calderon stadium and is under contract with the Blues for another two seasons.
But after making just nine starts for the Premier League champions, the left-back is reportedly keen to return to Spain.
"There are negotiations in place but I don't know how fruitful they will be," Cerezo said to the Spanish media. "Filipe Luis is a magnificent player.
"We would be delighted if he comes back and I think that in the end, we will find a solution.
"As always, the financial aspect takes precedence over the sentimental aspect but I believe a deal can be reached."
Filipe Luis made 127 appearances for Atletico and won the Europa League and Copa del Rey as well as the Primera Division title during his time with the Rojiblanco outfit.
Atletico finished third in La Liga last season and have strengthened their squad this summer by signing Argentinian striker Luciano Vietto, Belgium midfielder Yannick Carrasco and Colombian forward Jackson Martinez.