The 25-year-old's stock is at something of a low after he failed to crack Diego Simeone's starting XI last term, and his father Vic recently spoke to Belgian newspaper Het Nieuwsblad (h/t Daily Star's Alex Harris) regarding his son's intentions:
Toby wants to play, going out on loan would be the best option. If there is a solution, Atletico won’t stand in his way. Since last year, we’ve had several discussions on this issue and Atletico understands that we don’t think it makes sense to leave Toby on the bench for another year.
Despite their rising trend of spending big on individuals, Arsenal remain a club never shy of pinching the pennies when the opportunity arises, and Alderweireld's case could be a chance for minimal risk/high reward returns.
As Dermot Corrigan of ESPN FC points out, his maiden campaign in Spain's top flight wasn't a rousing success, but that shouldn't yet eradicate all hopes that he can once again reach the heights seen during his Ajax days:
With the departure of Thomas Vermaelen to Barcelona, Arsene Wenger may indeed look to shore up his defence before the transfer window shuts.
What's more, Mikel Arteta's injury in the first leg of Arsenal's Champions League playoff against Besiktas has placed a greater emphasis on the need to seal up any deficiencies at the back.
However, the Gunners aren't the only party in the running for Alderweireld's signature, as Inside La Liga pointed out earlier this summer:
Like Vermaelen, Alderweireld has become accustomed to playing at full-back—on the right side of defence in his case—as well as at centre-back, a role he's more adept at.
Given the success of Laurent Koscielny and Per Mertesacker, Wenger isn't seeking a superstar presence to add to those central ranks, but compatriot Alderweireld would be a temporary acquisition of similar profile.
Early signs suggest that summer signing Calum Chambers will very much be a utility at the Emirates Stadium, having already played at right-back, centre-back and an anchored midfield role since arriving.
However, Alderweireld would bring a more experienced head to the table, one with plenty of Champions League experience and, despite making only 12 league appearances, a La Liga winners' medal.
As such, Arsenal could afford to invest in his ability for a season, the potential being that his style of play, which once worked to such good effect in the Eredivisie, may indeed find another home in the Premier League.
The past 12 months have changed the general perception of the defender's ability for the worse, but with the Gunners in need of such a skill set and the player seeking a move, the stars could well align in the remaining week-and-a-half of transfer opportunity.