The 28-year-old has failed to make a single start this season for Diego Simeone's side and was heavily linked with a move away in the January transfer window.
His agent, Daniel Delgado, had told Spanish newspaper AS that they were 'working with a very important offer from England, but a move failed to materialise'.
The Uruguayan has expressed his dismay at the club and insists he will leave if he continues to be left out of Atletico's starting XI.
"I can't feel happy without playing," he told Lancenet.
"I am feeling well here because the team are doing well, but on a personal level I am not happy because I want to play."
"I always train quietly, without complaining. The team comes first to me, then my team-mates and only then comes me," he added.
"If I don't play, I'll have to leave."