Five wins in their last six matches have propelled them from the depths of despair to the relative security of mid-table and Bet365 price them at 7/1 (8.00) to continue their renaissance with a win at the Calderon.
That they are priced so high is largely down to the fact that Atletico's home form in the league has been outstanding with 13 straight league wins for Diego Simeone's men. The Rojiblancos are offered at just 4/11 (1.36) to extend that run to 14 wins, while the draw can be backed at 15/4 (4.75).
Atleti have also been extremely solid in defence at the Calderon, keeping seven straight clean sheets in the league, with Osasuna the last side to find the back of the net in a league match in the cavernous stadium back in October.
Things looks tricky on paper for Espanyol, despite their recent revival, with their away form traditionally a point of particular weakness.
Two away wins in their last 21 league games for the side from Barcelona shows just how badly they have struggled on the road, with a 4-0 win at Athletic Bilbao in their last away match something of a freak result.
What looks to be the best bet then is backing "No" on the Both Teams to Score market at 8/11 (1.72).
Indeed this bet has proved a shrewd investment for punters backing Atleti this season, paying out no less than a staggering 27 times in all competitions this season, including the meeting between two sides back in September.
This bet has also paid out in four of Espanyol's last five away games, and looks like a very solid selection.
For a value bet, back exactly two goals to be scored in the game at 11/4 (3.75), a bet which has proved the correct option in four of Atleti's last six home games.
|Both Teams to Score? "No" at 8/11 (1.72) Bet365
||Excatly two goals to be scored in the game at 11/4 (3.75) with Bet365|
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Phil Kitromilides is a sports anchor working on TV in Madrid. You can also follow Phil on Twitter.