Injuries to several key players mean that the midfielder has started the last two Premier League games for the north London club.
He had offers to leave in the summer but he stayed put as he wanted to join a big club involved in the Champions League.
Hojbjerg is keen to move on from Tottenham in January and Tottenham would prefer to let him go on a permanent deal.
And according to Italian outlet Tutto Mercato, Atletico Madrid are prepared to make an offer to buy him.
Diego Simeone is a fan of the combative Dane and is pushing the club to try and sign him in the winter window.
Tottenham would prefer to sell Hojbjerg over loaning him out, an option favoured by another one of his suitors in Juventus.
It remains to be seen whether Atletico Madrid are prepared to get close to the price Spurs want Hojbjerg.