The 22-year-old was recalled from his loan at Gremio on May 29 after Atleti used an option to cut the move short.
Despite that, the young full-back is still training at Gremio’s CT Luiz Carvalho and not in Spain.
According to Gaúcha ZH, Atletico Madrid have a plan to sell Caio Henrique this summer.
If this deal goes through, Atletico will look to sell Caio Henrique to Porto as a natural Telles replacement.
The Brazil under-23 international made only five appearances at Gremio, three of them as a starter.
It was his third loan move to his homeland following spells at Parana and Fluminense.