The Times says Simeone has been eyed as a successor to Antonio Conte at Stamford Bridge.
But he has no intention of replacing him in west London.
Instead, there is one job in the Premier League he would consider making the effort for - Manchester United.
Simeone would listen to an approach from the Red Devils because of the stature of the club.
His deal now runs out with Atletico at the same as Jose Mourinho's with United - 2020.