Arias, 28, is well known to Everton’s sporting director Marcel Brands who signed him while at PSV Eindhoven in 2013.
And the Toffees are reportedly in advanced talks with the two clubs discussing a fee.
Colombian international Arias made 17 appearances for Atletico in the 2019-20 season.
Carlo Ancelotti is looking for a high-quality right-back to compete with Seamus Coleman and Arias fits the bill.
Everton decided not to make Djibril Sidibe’s loan move from Monaco permanent and Arias is primed to replace him.
Signed for around €11m from PSV, Arias has performed well for Atleti despite not being a regular starter.
Ancelotti’s former club Napoli are also known to have an interest in the 53-cap Colombian.