Diego Simeone's side dispatched Chelsea 3-1 at Stamford Bridge to set up a single-city final in Lisbon but the bookmakers make Los Blancos the 4/7 favourites to triumph
It was billed as a coin-flip as to who would qualify ahead of the second leg at Stamford Bridge and, although Chelsea struck the first blow, it was Jose Mourinho left licking his wounds after a fourth consecutive defeat at the semi-final stage of the Europe's premier club competition.
Atletico were as big as 2/1 (3.0) to qualify for the final following Fernando Torres's opening goal but that strike from the former Rojiblancos hero only seemed to spur on Simeone's side. They were soon ahead in the tie and, in truth, they never looked back.
Despite Jose Mourinho opting for another defensive line-up, as he had done against Liverpool, his gameplan was torn to shreds when Adrian notched an equaliser just before half-time following some slack defending from the home side which allowed Juanfran to square the ball back across the six-yard box unchallenged.
A second-half penalty from Diego Costa following a Samuel Eto'o foul put the tie beyond Chelsea and Arda Turan's strike after 72 minutes was the icing on the cake for the 3,000 travelling Spanish fans at Stamford Bridge.
Although Real Madrid's performance to knock out Bayern Munich was scintillating and comprehensive in equal measure, it is worth remembering that Los Blancos have not had it all their own way against their city rivals in recent meetings between the two and it is Simeone's men who sit top of La Liga with just three games to go.
The most recent meeting between the two saw Cristiano Ronaldo rescue a point for his side in a thrilling 2-2 draw at the Estadio Vincente Calderon so the final in Lisbon promises to be an intriguing spectacle from a betting standpoint.
Real are 21/20 (2.05) to prevail in 90 minutes while Atleti are priced at 5/2 (3.50) by bet365 and a draw in normal time is a 12/5 (3.40) shot with the same firm.
Even though it will be a final, having seen both sides at their free-flowing, attacking best over the last couple of days it could come as a surprise to some to see under 2.5 goals priced as favourite for the their next meeting.
A game containing no more than two goals is as short as 4/5 (1.80) with over 2.5 available at Even money (2.0) although Atletico's record of just 22 goals conceded in 35 Primera Division games in the campaign to date means that Madrid's power-packed front line may have a tougher challenge on their hands than they did against Bayern in the semi-final. Unders has also been the correct bet in three of the last five meetings after 90 minutes.
With the recent head-to-head records reading two wins to either side, with one draw, it promises to be an intriguing contest in Estadio da Luz on May 24 and there is plenty for punters to ponder in the meantime.
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