Hatem Ben Arfa is set for a January move after finding himself unwanted at Newcastle and Hull, his agent has confirmed.
Lucas Silva is unlikely to join Real Madrid in January with the Spanish giants not planning to make any transfers.
The 50-year-old, who is in his second spell in charge at the Stadio Atleti Azzurri d'Italia, had two years left to run on his existing deal.
A statement on the club's official website read: "Atalanta have reached a mutual agreement to prolong our working relationship with coach Stefano Colantuono until June 2016."
The former Palermo boss has guided Atalanta to 12th in the current league table with a return of 22 points from 19 games, ahead of Sunday's trip to Lazio.