The Mexican international has missed Los Rojiblancos last three games in all competitions after picking up an injury on international duty earlier this month.
However, according to reports from Marca, he has now returned to full training and could be included in the squad to face the Bavarians on December 1.
Simeone’s side lost to the defending European champions in their opening Champions League game of the 2020/21 season.
However, they have recovered strongly since that defeat, with five points from three games against Lokomotiv Moscow and RB Salzburg.
Simeone does have an injury concern at left back ahead of the visit of Hans-Dieter Flick’s team, with Renan Lodi set to miss out and Mario Hermoso moving across from centre back.
Herrera could come in to stiffen up the hosts midfield, with Geoffrey Kondogbia ineligible, with Joao Felix also in line to return to the starting XI.
POSSIBLE ATLETICO MADRID STARTING XI V BAYERN MUNICH
Oblak; Tripper, Savic, Monteiro, Hermoso; Saul, Koke, Herrera; Carrasco, Felix, Correa