The Algerian has made nearly 100 appearances for the Italian club in three years and he has impressed during that time.
Chelsea have been linked with a move for the 25-year-old in January as Antonio Conte believes he can operate as a left wing-back.
However, according to Calciomercato, Atletico Madrid have now also joined the race for Ghoulam.
Like Chelsea, the Spanish club are looking to bolster the left side of their defence and they have identified the Algeria international.
However, any chances of a move in January could be affected by Ghoulam taking part in the Africa Cup of Nations that month.