With just seven league games remaining, Atletico currently lead La Liga, one point ahead of Barcelona and three ahead of Real Madrid.
Figo, who won four La Liga titles during his time in Spain, has also insisted that Atletico "have a great chance" of winning the league.
"I think that what Atletico are doing is just amazing, keeping it up until the very end. The work they have done is admirable," he told Marca.
"They have to be congratulated and they can win the league. Three clubs are in the race and they have a great chance and I think that after all that effort, they won't be outdone so easily."
Figo retired from professional football in 2009.