The Colombia striker, trailing only Barcelona's Lionel Messi in La Liga's scoring charts with five goals from four games, picked up the injury after netting a penalty against Valladolid on Sunday and had to be substituted.
"In principle, everything is fine for Falcao to play," Simeone told a news conference as he included him in the squad.
Europa League holders Atletico have won five games on the trot, including a 4-1 victory over Champions League winners Chelsea in the European Super Cup last month.
The game in Monaco and international break the following week saw their trip to Betis rearranged until Wednesday.
Atletico are fifth in the standings with 10 points from four games, and can go second two behind leaders Barca with a win.
Betis are a point behind Atletico in sixth and also have the chance to grab second place with a victory.
- Lionel Messi
- La Liga