The Greek outfit reached the last-16 stage of the competition last season, beating Manchester United 2-0 at home before losing 3-0 at Old Trafford.
However, former Real Madrid player Michel believes that his team can "hurt" Atletico.
"We used the pre-season to give the team ideas and a style, so we've long been getting ready for this game and can't drastically change those ideas come the match," he told reporters.
"I don't know what the score will be but we are up for this kind of challenge and it's not new to us. Most opponents come here with an idea of what to expect and leave having suffered.
"We are going to try, with a clear knowledge of our opponents, to hurt them."
Atletico reached the final of the Champions League last season.