The 25-year-old has gone from strength to strength since joining Atletico from Benfica four years ago, keeping 29 clean sheets in 48 appearances for his Spanish club last term.
As a result, Oblak has been linked with a number of top European clubs including Liverpool, Paris Saint-Germain and Bayern Munich.
According to Spanish outlet AS, however, the Slovenia international is due to meet with Atletico officials on his return from his summer holidays to negotiate a new contract.
The report states that Oblak will be handed a sizeable wage increase and, like teammate Antoine Griezmann, his release clause will be increased to €200m (£175m).
Oblak has made 162 appearances for Los Colchoneros, keeping 93 clean sheets.