Lampard’s side finished top of Group E but have been handed a tricky test in the knockout phase against Diego Simeone’s men.
Atletico have suffered just two defeats in all competitions this season, while the Spanish club dumped Liverpool out of the Champions League with a win at Anfield in March.
And Lampard admits his Chelsea players could not have been given a more difficult draw.
‘I think most people will say it’s the toughest draw we could’ve had when you go on current form, how they’re doing in La Liga, European experience, quality of the team and players, I think most people would say that,’ said Lampard.
‘On the other hand I think all draws are difficult in the Champions League.
‘We have to have belief in ourselves when that game comes round.
‘We’re going to have to try to beat these sort of teams if we want to win the Champions League, so it is what it is.
‘I’m saying any draw would be tough I just think if you look they are top of La Liga.
‘So I think most people would say they were certainly one of the toughest teams we could’ve got on paper.
‘We’ll just have to turn up and do our job and be confident we can beat them.’