The Uruguayan defender has been with the La Liga outfit since 2013 and could be looking to move on for a new challenge this summer.
However, Gimenez has a deal with Los Rojiblancos till the summer of 2023 and will not be allowed to leave unless his release clause is triggered. ESPN sources have confirmed that Chelsea are monitoring the situation and could be prepared to make a move at some point in the coming weeks.
Manchester City are also interested in signing the defender, who has a wealth of top-flight experience despite being just 25 years old.
Gimenez has been a central figure of the Atleti backline for many years now and has spearheaded the rearguard since Diego Godin's departure last summer.
Chelsea looking to reinforce backline with statement signing
Frank Lampard is a huge fan of the player and is desperate for defensive reinforcements, as his current crop have been underwhelming in the current season. The likes of Andreas Christensen and Antonio Rudiger have been below-par in recent weeks, while Fikayo Tomori is young and still learning his trade.
Chelsea scouts have reportedly watched Gimenez on several occasions in the current campaign, as the Blues continue to keep tabs on the players. Lampard is focussed on landing Bayer Leverkusen's Kai Havertz as things stand but the Chelsea manager could turn his attention towards Gimenez in the coming weeks.
Manchester City's interest has also been mentioned by the Cityzens are unlikely to make a move for the 25-year-old. Pep Guardiola's side are close to announcing the signings of Ferran Torres and Nathan Ake and are also interested in Napoli's Kalidou Koulibaly.
Chelsea's interest in the player is long-standing and the Blues are the Premier League side to have been linked with Gimenez more. The London side have already announced the signings of Hakim Ziyech and Timo Werner, while Havertz could be set to follow shortly.
The likes of Nicolas Tagliafico, Declan Rice and Ben Chilwell have also been mentioned as potential targets, as Chelsea prepare to flex their financial muscle and oversee a spending spree this summer.