The Premier League outfit have avoided Real Madrid and holders Bayern Munich, who will travel to the Bernabeu for the first leg of their semi-final later this month.
The Blues reached the final four of the elite tournament following a 4-3 aggregate win over Paris Saint-Germain.
Atletico, who will host Chelsea in the first leg of the semi-final, shocked Barcelona with a 2-1 aggregate victory in the quarter-finals.
The build-up to the clash could be dominated by the availability of goalkeeper Thibaut Courtois, who is on loan at Atletico from the West London outfit.
Reports recently emerged claiming that Atletico will have to pay Chelsea a fee in order to field Courtois against his parent club, but UEFA released a statement on Friday warning the Blues that they could face sanctions should they impose a fee on their Spanish opponents.
The most recent meeting between the clubs was back in the 2012 UEFA Super Cup, when Roberto Di Matteo was in charge and witnessed his side suffer a 4-1 defeat to Atletico in Monaco.
The semi-final ties will be played across April 22/23 and April 29/30.