City won the treble last year and will look to go one step further this time around.
Bayern Munich, the tough games continue as Pep Guardiola faces off against a manager who could be described as the antithesis of the ex-Barcelona boss.
Diego Simeone's teams are renowned for their resolute defending and mastery of the dark arts, while Guardiola's sides look to control and dictate things.
It should be a fascinating contest between two top managers and contrasting styles.
The final friendly game was delayed by 40 minutes due to wet weather conditions – but, when it kicked off, it was anything but a damp squib as both sides contributed to a highly competitive encounter.
Yannick Carrasco, on 66 and 74 minutes, put Atletico in a strong position as the clock ticked down although hopes were raised of a fightback when Ruben Dias headed home on 85 minutes.
Kyle Walker rattled the crossbar from distance and substitute Mateo Kovacic went close before Atletico's wholesale changes paid dividends as Memphis and Carrasco thumped home fabulous finishes from distance.
Ruben Dias headed home a late Sergio Gomez corner but Pep Guardiola's treble-winners were unable to find an equaliser ahead of next weekend's Community Shield showdown with Arsenal.
City fielded a strong side from the start, edging a competitive first half without either side scoring. When both sides made wholesale changes around the hour mark, it was Atletico who ended the game on top, scoring through long-range strikes from Depay and Carrasco. Ruben Dias got a goal back from a corner with five minutes left.
The solution during the opening 55 minutes, when Guardiola played an XI close to what will be expected at Wembley against Arsenal, was to play no one in particular in that position. Phil Foden nominally started on the right wing but frequently drifted inside to link with a stacked attacking line featuring Erling Haaland, Julian Alvarez and Jack Grealish, with Bernardo Silva frequently raiding forward in support from midfield.
There were bright flashes but it didn’t always work. The responsibility of providing natural width rested almost entirely with Walker, who has been targeted by Bayern Munich over the close season. It remains to be seen whether this is a new shape-shifting plan from Guardiola, such as when John Stones thrived as a hybrid defender/midfielder last season, or simply a temporary move to get key players a good amount of preseason minutes
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