Chelsea reportedly have no ambitions to sack Conte regardless of where they finish this season, but a number of issues have arisen in recent months that could see the club and Conte mutually agree to end their relationship.
As a result, the Blues have started searching for a new manager, and Simeone is their No. 1 target.
Simeone has enjoyed vast success with Atleti since he took over the Madrid-based outfit in December 2011.
The former Argentina midfielder has turned Atleti into a European force and maintained the club's competitiveness despite a relatively tight budget compared with those of Barca and Real.
The Spanish arm of European publication Tutto Mercato Web sensationally allege that the Italian will quit the Blues in the summer, with the Chelsea board already lining up former Barcelona coach Luis Enrique as his replacement.
The west London side are aiming to try and defend their Premier League title this season after their impressive triumph last term.
Eden Hazard scored from the penalty spot to level at the game at 1-1, before Hector Bellerin equalised in stoppage time after Marcos Alonso had given Chelsea a late lead.
The draw leaves the Blues third in the Premier League standings ahead of Saturday's FA Cup clash with Norwich City at Carrow Road.
Ross Barkley is in line to be Chelsea's first January signing.
Price Target Analysis of Tesla Motors, Inc. (NASDAQ:TSLA)
Apriem Advisors increased its stake in Tesla Inc ( TSLA ) by 71.24% based on its latest 2017Q3 regulatory filing with the SEC. Cna Fincl Corp reported 43,500 shares. $476,944 worth of Tesla, Inc. ( NYSE:V ), 33 have Buy rating, 0 Sell and 7 Hold.
Missouri freshman Blake Harris to transfer from the program
Harris was originally a Washington signee, but asked out of his Letter of Intent with the Huskies after Lorenzo Romar was sacked . Harris visited Missouri with Porter and five-star recruit Kevin Knox in April and announced his commitment days later.