The latest we have is that Atletico's offer has been accepted and the final decision is now in the hands of Gallagher. After being left at home as his teammates tour the US, Chelsea have made it clear to the midfielder he should move on. The homespun talent, who wore the captain's armband in Reece James' absence last season, shunned and demoted to training on his own at the club's Cobham complex.
For their part, Atletico have set Gallagher a deadline. With their bid of €45m - plus various bonuses - accepted, they want an answer from the player by the weekend. In 48 - at a pinch 72 - hours, we'll know Gallagher's decision.
But whether it is to be Atleti or not, all signs are that he will be leaving. Sixteen years a Blue and from a Chelsea-mad family, Gallagher is cutting ties. But to be fair to the club, there has been efforts made to keep hold of him.
With his current deal now inside it's final 12 months, Chelsea offered Gallagher improved terms in June. And then again in July. Both offers involved a two-year extension, with the option of a third. But the 24 year-old on both occasions refused. And for the moment, he's kept his own counsel as to why.
So this isn't entirely on the club. The board. Nor messrs Paul Winstanley and Lawrence Stewart. They've tried, but it hasn't been enough. Things have happened at the club that has forced Gallagher to look elsewhere. Again, a Blue since eight years of age... A Chelsea-supporting family... Something has clearly been broken between the club and the player.
"To be honest, I do not know anything," stated Enzo Maresca, the Chelsea manager, after Wednesday's much-needed preseason win against Club America. "We will see him when we go back there (to Cobham). I know when I met the club for the first time that there was interest in him.
"Today, I was focused on the game."
As we say, the club isn't 100 per cent to blame for this. But there is clearly tension between the two parties. Chelsea even being happy to reject a far higher offer from Aston Villa in order to force Gallagher into the Madrid move. The claim being Chelsea didn't want to see the England international in the shirt of a direct Premier League rival. For Villa, you can also add Tottenham, though it is only the former which have made a cash bid.
So he's being manipulated into this move. But as frustrating as it may be for Gallagher, for what he is set to leave behind, Atletico is a major step up.
Of course, at another time. In another era. No Chelsea player would look sideways if Villa or Spurs came calling. But statin' the bleedin' obvious, this is no longer the Chelsea of those times. The idea of Kiernan Dewsbury-Hall succeeding Gallagher or the decision this week to add Filip Jorgensen, after one decent season with Villarreal, to their goalkeepers pool again only confirming the downgrading of the Abramovich years.
Which is why this column would say Gallagher should grab the Atleti opportunity with both hands. Driven by Andrea Berta, the club's Italian sporting director, Atleti have Gallagher penciled in as the player to build their midfield around. Essentially, the lad from Epsom earmarked to fill the void long left by former captain and fans' favourite Gabi. A plan has been rolled out to Gallagher where he would sit alongside Koke in central midfield, with the onus on him to get forward and be a regular scoring threat. On the flanks ahead of the anchoring pair would be Antoine Griezmann and Rodrigo de Paul.
As we say, it's all been mapped out for Gallagher. He has the backing of Berta, but also crucially Diego Simeone. Cholo can recognise a decent midfielder when he sees one - and he's eager to see Gallagher commit over the coming days.
Six years ago, an 18 year-old Gallagher signed a first senior Chelsea contract and would take part in preseason training alongside the likes of Eden Hazard, N'Golo Kante and Toni Rudiger... are the reasons for this split really so unclear?