According to Spanish publication AS, the Italian side is set to rival the three Premier League clubs for the 23-year-old midfielder who has enjoyed a very promising campaign with Osasuna.
The Spaniard helped Osasuna to a solid mid-table finish, even registering two goals in 36 La Liga appearances during the season.
Additionally, the 23-year-old has earned international recognition with Spain, previously playing for the country's under-21s, earning seven caps.
The report claims that Moncayola's form over this season has led to Watford and Atalanta being very interested in signing him on a permanent deal in the summer, with both sides reportedly willing to active his release clause that is said to be around £12 million.
Osasuna are preparing themselves for a busy transfer window, with West Ham and Crystal Palace also reportedly interested in the midfielder, yet the Spanish side are not willing to accept any fee that is lower than his release clause.
Moncayola is a very versatile player, mainly playing as a box-to-box central midfielder, but also being capable of playing at defensive midfield or attacking midfield, while he has also played as right-back or as a right-midfielder in the past.
Watford and Crystal Palace want to add to their options in midfield and to strengthen their squad in a bid to secure Premier League football for another season and avoid the prospects of relegation.
On the other hand, Atalanta and West Ham want to build teams to challenge in Europe next season, especially since plenty of their stars are being linked with possible moves away from their respective clubs.
Moncayola's versatility and confidence on the ball would be great assets to the side that manages to sign him, especially for such a low price at his young age.