Giovanni, 23, has scored 16 goals in 48 appearances for Fiorentina since making the move from Genoa in 2017.
Atletico are believed to be long-term admirers of the three-time Argentina international, and the attacker has said that "it would be the best" if he were able to join his father Diego at the Wanda Metropolitano.
"Me at Atletico? It would be the best," 10 Sport quotes Giovanni Simeone as saying. "I never had the chance to be coached by my father. As much for him as for me, Atletico represents something special, it's in us. But my father never talked to me about this possibility."
Giovanni has scored twice and registered one assist in eight Serie A appearances this season.