Osvaldo has been monitored by Atletico Madrid over the last few years. [Reuters]

Atletico Madrid are considering signing Southampton record signing Pablo Osvaldo in the upcoming transfer window, according to reports in one of Spain's most popular newspapers.

Mundo Deportivo claims the Spanish team are looking for a back-up striker for Diego Costa and David Villa, especially if current Atletico Madrid forward Leo Baptistao is sent out on loan.

According to the reports Osvaldo is on a shortlist of three strikers which also includes Benfica youngster Rodrigo and Besiktas's Hugo Almeida.

Osvaldo has been monitored by Atletico Madrid over the last few years. Officials from the Vincente Caldaron tried to sign him initially three seasons ago, when Sergio Aguero moved to Manchester City, but finally they got Radamel Falcao instead.

Now Atletico are considering making a new move for the Argentine striker. Akey factor for his signing is that Osvaldo knows Spain's La Liga well -he played for Espanyol for two seasons - and can play in the Champions League because Southampton are not in Europe this year.

Southampton signed Osvaldo from Roma last summer for a record fee of £15m. Manager Mauricio Pochettino already coached him at Espanyol and has a good relationship with him but Osvaldo has struggled to make the impact that was expected in the Premier League.

The Argentine striker has scored only one goal in eight games since he arrived in England and Southampton duo Rickie Lambert and Jay Rodriguez appear to be in much better shape than him.

Other clubs as Valencia, Juventus and Inter are also monitoring Osvaldo for the January transfer window.