The Blues defeated Qarabag in their opening group, and they will face the Spanish club on Wednesday night. The fourth side in the group are AS Roma.
Lampard thinks that a draw in Madrid would set the Blues up nicely for the league clash against Man City on the weekend.
“If they come away with a draw they will be happy and it will set them up for the Manchester City match.
“I expect Atletico will press high and make it difficult for Chelsea to get up the pitch initially but as the game develops they will want to play on the counter-attack. That suits them.
“So Chelsea have to be smart, not come out flying.
“They need to get some possession and not open up too much.