If we are talking about Atletico Madrid's chance to win a Champions League title, then I don't think it will happen in the near future. 
While Real Madrid is getting Mbappe and there is a Manchester City fact too, it is really not easy to reach the title. Besides Atletico Madrid's lowest expectation in this tournament isn't winning the title. Even a quarter finals qualification is seen as good achievement.
The board are really contented with the way Simeone is managing the team. They even extended his contract not much time ago. Would he like to achieve a Champions League title? Who wouldn't?
But Atletico Madrid need to make a huge improvement to reach even the finale once again (The last time they did it was the 2015/2016 season).
Simeone has been at Atletico Madrid for quite a long time, although they have been able to maintain their consistency in competing at the top of La Liga, but to win the Champions League of course their chances are very small, so far we can see how their inconsistent performance in the Champions League so far even though they have performed well in La Liga, in my opinion, Although Atletico was able to perform quite well in the league, they seem to have to be able to improve the quality of the squad they have, besides that it is time for Atletico to reconsider Simeone performance which has been relatively stagnant in lifting Atletico Madrid performance, indeed Atletico performance under Simeone care is quite good but does not make Atletico can be a challenger for the Champions League title so far. While Real Madrid is getting Mbappe and there is a Manchester City fact too, it is really not easy to reach the title. Besides Atletico Madrid's lowest expectation in this tournament isn't winning the title. Even a quarter finals qualification is seen as good achievement.The board are really contented with the way Simeone is managing the team. They even extended his contract not much time ago. Would he like to achieve a Champions League title? Who wouldn't?
But Atletico Madrid need to make a huge improvement to reach even the finale once again (The last time they did it was the 2015/2016 season).The tactics and also Atletico game scheme applied by Simeone, of course, have been memorized by their rival team teams who already have anticipation to beat Atletico, so far we may not find another team that often relies on physicality and also hard play that is better than Atletico so far.