The Blues beat the LaLiga leaders 1-0 last month thanks to Olivier Giroud's incredible overhead kick.
The first-leg took place in Romania but Chelsea will benefit from their 'away goal' and will now host Atletico at Stamford Bridge.
Thomas Tuchel's men have been in good form recently and should be confident of booking their place in Friday's quarter-final draw.
Atletico drew with league strugglers Getafe last time out despite their opponents going down to ten.
Chelsea v Atletico Madrid: How to watch
This match will be held at Stamford Bridge on Wednesday, March 17 and will kick-off at 8pm.
The game will be shown live on BT Sport 2, with coverage underway from 7pm.
BT Sport subscribers can live stream this match via the app on their computer, mobile and tablet devices.
Alternatively, EE phone customers can watch the action for FREE with a three-month trial on the BT Sport app - just text SPORT to 150.
Chelsea v Atletico Madrid: Team news
Thiago Silva and Tammy Abraham will miss the visit of Atletico due to injury.
Silva has yet to shake off a thigh complaint, while Abraham continues to battle an ankle issue. Both should be back after the international break.
Mason Mount and Jorginho will also miss the last-16 second-leg encounter due to suspension.
Atletico will have England defender Kieran Trippier back.
Yannick Carrasco and Jose Gimenez are also fit again.
Chelsea v Atletico Madrid: What has been said?
Chelsea boss Thomas Tuchel: "I believe every club has its DNA and with Diego Simeone, Atletico have become one of the toughest teams to beat in Europe over years and years.
"They rely on a disciplined, hard-working, super organised defence but at the same time they have incredible quality to attack and play a possession game. For me, it's a very complete squad and you have to be aware of everything.
"I expect more or less the same match like in Bucharest. They have Tripper, Gimenez and Carrasco back so that changes a little the structure and style of attacking.
"It will be a big challenge for us, like in the first leg, but we did an amazing match there and we want to repeat the same performance to be able to go through.
"We have an advantage to play a home game at Stamford Bridge, which makes us very confident. It is very good for us because we don't have to travel, the setup is our usual setup, we feel happy to be in our hotel before and to have the same schedule like in normal games.
"This is very, very good and maybe it can be the decisive percentage even that is on our side. We have big respect because we play against the leaders in Spain so we need to be very focused and concentrated, and to play a high-intensity match."
Chelsea take on Atletico Madrid tonight in the second leg of their Champions League last-16 tie.
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