The 24-year-old only moved to Atletico from Udinese in the summer for a fee of around £17m, already making 18 appearances for the Spanish club.
He has established himself in the Argentina side and scored his first international goal in the 2-2 draw with Netherlands in the World Cup quarter-final, which the South American side went on to win on penalties.
Spanish publication Marca report that Chelsea wanted to sign Molina in the summer but lost out to Atletico and they remain interested in his signature.
It has been widely reported that Atletico Madrid are keen to raise funds and accept that they must sell players in the coming transfer windows to do so, but Molina is one player they want to keep hold of.
Manager Diego Simeone is a big fan of his compatriot and sees Molina as having huge potential to become one of the best full-backs in the sport.
The Marca report also states that Chelsea’s first choice to sign in the position is Inter Milan’s Denzel Dumfries, who has impressed again at the World Cup with his attacking prowess from right-back.
There is a lot of competition for the 26-year-old, though, with the likes of Manchester United, Arsenal and Tottenham all linked with Dumfries.
Dumfries’ contract at Inter runs until 2025, while Molina’s at Atletico Madrid is until 2027.