Gazzetta dello Sport claims Guarin is ready to return to Italy and has been offered to the Dea.
The midfielder has been at Chinese club Shanghai Shenhua since leaving Inter in January 2016, posting 27 goals and 21 assists in 97 appearances.
However, the 33-year-old was left out of Colombia’s squad for Copa America.
He currently earns €10m a season, but the newspaper writes Atalanta only prepared to offer him a €1m salary.
It now remains to be seen just how much he wants to play in Serie A again, given he stands to become a free agent on December 31.
Guarin played almost 150 times for Inter between 2012 and 2016 and won three Portuguese titles with Porto, as well as the Europa League.