The 30-year-old defender has been continually linked with a move to the Premier League, with Manchester United credited with the strongest interest.
Louis van Gaal has made his intentions clear over his desire to sign a world class centre half, with Borussia Dortmund's Mats Hummels high on his wish list.
But Jose Mourinho wants to beef up his rearguard this summer and has identified Miranda as a viable target.
The Daily Mirror claim the Blues dispatched technical director Michael Emenalo to watch Miranda in action for Atletico against Malaga.
And Miranda it is believed, sees the chance to sign for Chelsea as his last big opportunity to sign for a top European club.
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Miranda is now on Chelsea's radar
Miranda has just a year left to run on his current contract, so the west London outfit could land him for a cut-price fee.
Chelsea signed two Atletico players last summer - Diego Costa and Filipe Luis.
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