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Ultimately, negotiations have become protracted on that front with Gazzetta dello Sport amongst multiple sources to report a $52M (£39.2m) offer had been rejected.
Now Lookman has come out with a bombshell statement accusing his club of blocking a move, for which he has now made a formal transfer request.
On X he wrote: "Over the past three years at Atalanta, I've given absolutely everything.
I've always worn the shirt with pride and tried to represent this club and the city of Bergamo with heart, passion and dedication.
"I came here with the hope of helping this special club grow and together, we've created memories that will stay with me forever.
This place has felt like home from the moment I arrived, and I've always tried to repay that love - even in moments where things haven't been easy behind the scenes.
"That's what makes writing this so hard.
I have loved every moment but feel that now, after three wonderful years in Bergamo, it is the right time to move on and experience a new adventure.
However, myself and the ownership of the club have been in agreement that now is the right time and the club were clear with me that if a fair offer came in they would allow me to move.
"Despite now receiving an offer in alignment to what I believe had been discussed sadly the club are blocking the opportunity for reasons I do not understand.
"As a result and after many months of broken promises and what I feel has been poor treatment towards me as both a human being and as a professional footballer, sadly I feel I have no choice but to speak out for what I believe is right and feel that enough is enough
I can confirm I have now handed in a formal transfer request.
"Even throughout the extremely difficult moments I've endured, many of which have remained private and confidential, I have always tried to put the club, the fans and the team first and hoped it would not get to this, but I unfortunately feel there is now little choice.
"To the fans - the heartbeat of this club - I want to say this: I'm truly sorry it's come to this