Diego Simeone's side are currently third in the table, nine points clear of fifth-placed Real Betis, while Rayo occupy eighth, level on points with seventh-placed Athletic Bilbao.
Match preview
Rayo have had an excellent season to date, picking up 37 points from their 27 matches, which has left them in eighth position in the table, level on points with seventh-placed Athletic.
Los Vallecanos finished 12th last season on their return to this level, while they have not claimed a top-half finish in La Liga for 10 years, so it does appear that it will be a very strong campaign for the club.
Andoni Iraola's side have seen their top-six hopes fade in recent weeks, though, having failed to win any of their last seven matches, with their last success coming against Almeria at the start of February.
Rayo have drawn five and lost two of their last seven league games, including a 1-1 draw with Valencia on Monday evening, which saw them move level on points with Athletic.
Los Franjirrojos have picked up 20 points from their 13 home league games this season, but they will be welcoming an Athletic outfit that have the third-best away record in Spain's top flight this term, claiming 27 points, winning eight of their 13 games on their travels.
Atletico, meanwhile, are unbeaten in Spain's top flight since the start of January, with their last loss in the league proving to be the 1-0 reverse at home to Barcelona in their first game of 2023.
Simeone's side are on an 11-game unbeaten run in La Liga, which has included victories in each of their last four matches against Sevilla, Girona, Valencia and Real Betis.
The Red and Whites recorded a 1-0 win over Real Betis last weekend courtesy of a late goal from Angel Correa, which moved them onto 54 points in the table, six clear of fourth-placed Real Sociedad.
Atletico are also crucially nine points ahead of fifth-placed Real Betis, so it seems almost certain that they will be qualifying for next season's Champions League, although there remains speculation surrounding the future of head coach Simeone, who is allegedly considering moving on.
There will be no silverware for the capital giants this term, but they will have second-placed Real Madrid in their sights, sitting just five points off Los Blancos, who have league distractions in the shape of the Copa del Rey and Champions League.
Rayo Vallecano La Liga form:
D
L
D
L
D
D
Atletico Madrid La Liga form:
W
D
W
W
W
W
Team News
Rayo had a fully-fit squad for the clash with Valencia last time out and that is again expected to be the case for this match, providing that there are not any late setbacks in training.
As a result, it would not be a surprise to see Iraola send the same starting side onto the field, with Unai Lopez and Raul de Tomas having to accept spots on the bench once again.
Sergio Camello should again operate as the centre-forward in a 4-2-3-1 formation, with Oscar Trejo, Alvaro Garcia and Isi Palazon providing the support from deeper areas.
As for Atletico, Memphis Depay, Reinildo and Sergio Reguilon will miss Sunday's contest in Madrid.
Correa will be in Simeone's thinking when it comes to a possible starting role for this match, but the Argentine might ultimately again be among the substitutes for the first whistle.
Alvaro Morata should join Antoine Griezmann in the final third of the field, but there could be a change in central midfield, with Rodrigo De Paul potentially coming into the XI to replace Thomas Lemar.
Rayo Vallecano possible starting lineup:
Dimitrievski; Balliu, Lejeune, Catena, F Garcia; Comesana, Valentin; Palazon, Trejo, A Garcia; Camello
Atletico Madrid possible starting lineup:
Oblak; Molina, Savic, Gimenez, Hermoso, Carrasco; Llorente, Koke, De Paul; Morata, Griezmann
We say: Rayo Vallecano 1-2 Atletico Madrid
Atletico's recent form has been excellent, and it would be fair to say that confidence in the camp is very high. Rayo are not losing many games at the moment, but Atletico's results over the last few months are difficult to ignore, and we are predicting a narrow away success in this contest.