The 23 year old has been in excellent form this summer,scoring 12 goals and contributing 12 assists in 42 appearances in all competition.
The both clubs are currently battling in his signature as the pairs look to boost their attacks in the upcoming transfer window.
Mikel Oyarzabal is believed to have a €70m (£64m) release clause in his current deal, although it has been suggested that he could be available for a figure in the region of €50m (£45m).
The attacker has managed 10 goals and 11 assists in 35 La Liga appearances for the team this season.
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