Simeone has impressed since arriving as coach of the Spanish side just over a year ago.
AS report that the Argentine, whose contract is up in the summer, is now set to conclude an agreement on a deal which will keep him in Madrid until 2017.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.