Speculation is that Los Rojiblancos have decided to offload players to help deal with the financial impact of dropping out of the Champions League group stages recently.
The club are said to be wanting to make around €30m in player sales during the transfer window period.
According to Marca, the 23-year-old Cunha is seen as someone who could potentially leave, following a mixed campaign during 2022/23.
Cunha joined Atletico in August 2021 from Hertha Berlin scoring six goals last season, but has not scored for Los Rojiblancos in all competitions during the 2022/23 campaign so far.
Ahead of this season, Manchester United were linked to the Brazilian with a reported bid of around €20m but it is uncertain whether the Red Devils are still keen on the player.
Further reports doing the rounds have also linked Man Utd to making a move for Atletico's Portuguese winger Joao Felix, who has a price-tag of around €80m.