Chelsea are 9/1 with Sky Bet to win the Europa League after being eliminated from the Champions League on Wednesday night.
The reigning European Champions were edged into third place in Group E despite a handsome win over Nordsjaelland and are only behind Atletico Madrid in the Europa League betting.
Atletico are 7/1 favourites to retain their crown, with Zenit St Petersburg and Inter Milan both 10/1, Anzhi Makhachkala 11/1 and Premier League trio Tottenham (14/1), Liverpool (16/1) and Newcastle (20/1) further down the betting.
Sky Bet football trader Paul Lowery said: "Chelsea will be bitterly disappointed not to have reached the last 16 and this could really impact their season.
"Playing on Thursday nights could affect their training routine and may play havoc with their league form."
He added: "However, they have an excellent squad and will fancy their chances against any of the teams left in the Europa League, despite excellent sides such as Benfica entering the competition at the last 32 stage."