Wenger, present in Majadahonda as director of FIFA's World Football Development, took in Atletico coach Diego Simeone working with his players.
Atltico will not compete this weekend on a date reserved for the Copa del Rey final.
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Wenger, after training, spent time with Simeone and exchanged ideas.
The Frenchman was in charge of the Gunners between October 1996 and May 2018, losing out in the Europa League semi-finals to Atltico itself in his last European match.