It's the first time the Reds will return to the arena since they clinched their first European title against Tottenham back in June.
Jurgen Klopp will know not to take Atletico lightly though, having made the final in 2014 and 2016 under Diego Simeone.
Despite their pedigree in the competition, the Spanish giants have struggled domestically and scraped through their Champions League group on the final matchday.
It promises to be a fascinating tactical battle and one of the ties of the round. Here's how to tune into the game...
TV channel and how to watch
The match will be televised live on BT Sport 2 HD, with coverage starting from 7pm.
BT subscribers can also stream the game live online via the BT app and website, with kick-off scheduled for 8pm GMT.
You can follow all the action and analysis on Standard Sport's LIVE blog, with Ben Hayward and David Lynch reporting from Madrid.