Chelsea were scheduled to travel to the Spanish capital to face Diego Simeone's side at the Wanda Metropolitano on February 23.
However, due to travel restrictions on incoming flights to Spain amid the ongoing coronavirus pandemic, the fixture could not take place as planned in Madrid.
The two clubs will now head instead to Romania, with UEFA announcing the Arena Nationala has been agreed upon as a neutral venue.
"UEFA would like to express its gratitude to Atletico Madrid and Chelsea for their support and close cooperation, as well as the Romanian Football Federation for their assistance and agreeing to stage the match," the governing body said in a statement.
Chelsea are the latest Premier League club to see a change of location for an upcoming European fixture due to the impact of the COVID-19 pandemic.