The 29-year-old Brazilian is valued at £20m by the west London club, but Atletico could be reluctant to let him go considering the losses they have already suffered in the transfer market.
Atletico have already rebuffed one approach by Jose Mourinho's club, but with the departure of David Luiz to PSG, Chelsea are keen to get in reinforcements.
The Spanish champions have already sold Diego Costa and Filipe Luis to Chelsea for a combined £48m.
Thibaut Courtois, who was on loan at Diego Simeone's side for the past three seasons, has also moved back to Chelsea, his parent club.
The prospect of then losing another key player from their title-winning defence would be a bitter one indeed but Atletico's financial problems are well documented and they could be willing to sell Miranda, were the right price to come in.
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