Blues eye moves for Miranda and Tiago.
Chelsea have already signed two players – Diego Costa and Filipe Luis – from Atletico Madrid this summer.
However, Blues boss Jose Mourinho is keen to continue his raid on the La Liga champions, according to the Daily Star.
The national newspaper claims that Mourinho is plotting a £20m bid for Brazilian centre-back Miranda.
The 29-year-old, who has been capped seven times at senior international level, has a £24m release clause in his contract, but the Special One is keen to negotiate.
Miranda formed a formidable partnership with Diego Godin at the heart of Atletico’s defence last season.
The capital club kept 20 clean sheets in 38 La Liga matches, conceding just 0.68 goals per game on average.
Atletico midfielder Tiago, who spent one season at Chelsea during Mourinho’s first spell as manager, could also be heading to Stamford Bridge this summer.
The 33-year-old scored four goals in 34 Premier League games for the Blues during the 2004-05 campaign.