Luis has signed a four-year contract with the Spanish club and rejoins the club for a reported fee of £11 million.
Chelsea paid £15.8m to sign him from Atleti last summer but the Brazil international only made nine league starts.
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The Brazilian was never able to displace Cesar Azpilicueta - a right-footer playing in his position - in Jose Mourinho's plans and has been moved on ahead of the start of the new season.
Luis first joined Atleti from Deportivo La Coruna in 2010 and made 184 appearances for the club in his first spell, winning one La Liga title, the Copa del Rey, a Europa League and two European Super Cups.
Atletico Madrid's Filipe Luis (L) is challenged by Real Madrid's Gareth Bale during the Champions League final (Reuters)
Image credit: Reuters
Atleti sporting director Jose Luiz Perez Caminero told the club's official website: "We all know Filipe Luis - we reinforce with one of the most talented full-backs in the world, who already knows our club and our game.
"So we are sure that his adaptation will be immediate."
PAUL PARKER'S TAKE
"Luis played in the Champions League final and won a Spanish league title but turned up at Chelsea and suddenly found there was a right-footer playing at left-back ahead of him, who wasn't as good as him at going forward. Luis couldn’t get a game, and it wasn’t down to his quality. It was down to the fact that Mourinho had an idea of what he wanted his left-back to do and Cesar Azpilicueta did just that: he sat back and never looked like attacking as Branislav Ivanovic handled all that on the right."
HOW COULD ATLETI LINE UP NEXT SEASON?
It's been a summer of upheaval at Atletico Madrid so far. Stefan Savic has bolstered the defence in a £17m move from Fiorentina, while Jackson Martinez is the marquee signing at nearly £25 million from Porto. Luciano Vietto and Yannick Ferreira Carrasco, both 21, could also play in the starting XI following their moves from Villarreal and Monaco respectively.
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