Oblak, who is 24, replaced 25-year-old Courtois at Atletico in 2014 after the Chelsea keeper's three-year loan spell in Madrid came to an end.
Courtois enjoyed a number of successes during his time in Spain, winning the Europa League, La LIga and the Copa del Rey, as well as reaching a Champions League final.
But Simeone does not miss the Belgian between the sticks because of the supreme quality of his replacement.
"Courtois and Oblak are the world's best two goalkeepers," the Atletico boss told his press conference on Tuesday.
"I don't miss any aspect with Oblak replacing Courtois for us, they are the two best goalkeepers, there is no upgrade from them."
Chelsea will travel to the Wanda Metropolitano stadium looking to build on a fine start to their Champions League campaign. Conte's side beat Azerbaijani champions Qarabag 6-0 in the Group C opener, while Atletico were held to a 0-0 draw away at Roma.