The 26-year-old burst onto the back pages of newspapers at the end of last season after his goalscoring antics for the Italian side on the continental stage.
Lookman netted a sensational hat-trick for Atalanta in the final of the 2023-24 Europa League at Aviva Stadium in Dublin against Bayer Leverkusen.
In doing so, the former Everton winger became the first player to score three goals in a one-legged European final since the end of the 1960s.
Since making the switch from RB Leipzig to La Dea in the summer of 2022, Lookman has featured in 79 matches across all competitions, scoring on 32 occasions.
Swap deal? Arsenal 'make' £42m player-plus-cash offer for Europa League winner
Arsenal make player-plus-cash offer for Atalanta's Lookman?
According to Italian journalist Alfredo Pedulla, Atalanta's Lookman is heading towards a return to the Premier League in the closing stages of the summer window.
The report claims that top-flight title chasers Arsenal are interested in boosting their attacking ranks with the signing of the 26-year-old.
It is understood that the Gunners have offered Atalanta £42.5m plus centre-back Jakub Kiwior for the services of the Nigeria international.
With La Dea boss Gian Piero Gasperini supposedly an admirer of Kiwior, it is believed that a player-plus-cash deal could be completed over the next week.
However, with the Europa League winners valuing Lookman between £55m and £60m, Arsenal might need to submit an improved offer to sign the ex-Leicester City loanee.
Swap deal? Arsenal 'make' £42m player-plus-cash offer for Europa League winner
Arsenal's competition and summer plans
As well as Mikel Arteta's side, Serie A giants Juventus have also been credited with an interest in Atalanta's Lookman so far this summer.
As a result, Arsenal could face some serious competition for a player who lit up the European scene at the conclusion of the 2023-24 campaign.
After the additions of defensive duo Riccardo Calafiori and David Raya, the Gunners are now targeting reinforcements further up the field.
The North London side saw their attacking options reduced earlier this month, when academy graduate Emile Smith Rowe made a £34m move to Fulham.
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