Diego Simeone's team, who accounted for Barcelona in the quarter-finals, are paying $1.90 at bet365 to win at their Estadio Vicente Calderon home, where the visitors are priced at $4.20 and the draw is worth $3.25.
You can get Atleti to reach the final at $1.80, with Chelsea paying $2.00 to progress to the decider against either Real Madrid or Bayern Munich.
The last time the Blues and Los Rojiblancos met was in the UEFA Super Cup in September 2012, a game Atleti won 4-1 thanks to a hat-trick from Radamel Falcao.
You can get $41.00 on a repeat of that scoreline in the hosts' favour this week.
Given both Simeone and Jose Mourinho's preference for keeping it tight, a 1-0 Atleti win or a 0-0 draw appear more likely, and are paying $5.50 and $7.00 respectively.
A 1-0 Chelsea win or a 1-1 draw are worth $9.00 and $6.50 respectively and could also be worth a look.
If you think the home side will have to wait until the second half to get ahead, you can get a reasonable $4.50 on a half-time draw and full-time Atleti win.