Both these sides dropped into the competition after finishing third in their respective Champions League groups.
While Los Rojiblancos embraced their new surroundings and thrashed FC Copenhagen in the previous round, Sporting needed extra time to overcome Viktoria Plzen.
Atleti are one of the shortest priced sides in Europa League action this week, offered at 3/10 (1.33) with dabblebet for the win.
Atletico's top scorer Antoine Griezmann was suspended for the weekend win over Deportivo La Coruna but will return to the starting lineup.
Centre-back Jose Maria Gimenez missed Sunday's game with injury but should be available for Thursday night, while Filipe Luis is out for the rest of the season.
Sporting's main concern will be over the fitness of defensive midfielder William Carvalho, who is a doubt after missing the weekend defeat at Braga.
Wanda Metropolitano to remain a fortress
Atletico boast an exceptional record in their new stadium, having won 14 of their last 16 home matches in all competitions.
Of those 14 victories, 13 have come without conceding and given this is a two-legged European tie, Los Rojiblancos will be focused on keeping a clean sheet once more.
Sporting, for their part, failed to score on their previous visit to Spain this season against Barcelona in December, and facing arguably the best defensive unit in Europe, may struggle for goals once more.
Tips and predictions
Backing the host to win to nil at 3/4 (1.75) is appealing, given how frequently it has paid out in their home games this term, while Atletico to win with a -1 handicap is also an interesting option at 17/20 (1.85).