The 37-year-old had an excellent game against the Seahawks last season when he caught six passes for 51 yards and a touchdown in the Falcons' Divisional Round playoff win over Pete Carroll's side.
Chancellor told the club's official website: "I'm looking forward to it. Anytime you get a guy like that and people look at it as a challenge, I'm always ready for it. I'm ready to maximize my game.
"He's been consistent the whole time. That's what makes you a great player and that's what he is."
The Seahawks are 8-1 in their season going into week 10.