The French striker joined the current La Liga leaders on a six month loan deal at the start of the winter transfer window from Ligue 1 side Lyon.
However, Simeone has declined to bring him into the team yet, as he continues to work on his fitness behind the scenes in the Spanish capital.
The former Celtic striker was an unused substitute in Atletico’s 3-1 win over Valencia last weekend, but Simeone has confirmed he is almost ready for his Los Rojiblancos debut.
“Dembele didn’t play because I felt it wasn’t the right time for him to do it (against Valencia),” he told an interview with Mundo Deportivo.
“He is training well and he will soon have his chance.
Atletico extended their lead at the top of the table to seven points with a vital win over Javi Gracia’s side in Madrid, with Simeone’s high flyers still holding a game in hand advantage over Real Madrid.
His team head to Cadiz in league action next weekend, and Dembele is likely to play some part at the Nuevo Estadio Ramon de Carranza.