Diego Simeone
Diego Simeone's Atletico Madrid fell at the last hurdle in the Champions League againGetty Images

Atletico Madrid manager Diego Simeone says he will consider his future following his team's second Champions League final defeat in three years against arch-rivals Real Madrid.

Asked after Atletico's 5-3 penalty shootout defeat in Milan if he would be in the Vicente Calderon dugout next season, the Argentine coach told reporters: "My plan is to think. That's all."

The final between the Madrid rivals at San Siro ended 1-1 after extra-time, with Sergio Ramos's first-half goal cancelled out by substitute Yannick Carrasco's late equaliser.

Cristiano Ronaldo then scored the winning penalty in the shootout after Juanfran struck the post.

Simeone's Atletico also lost out to Real in the 2014 Champions League final by a 4-1 scoreline.

"Nobody remembers the ones who finish second," the combative Argentine was quoted as saying by ESPN.

"To lose two finals is a failure. It hurts more to see the fans who paid to come here, who travelled, who dreamed of us winning. We could not give them what they wanted. That hurts me more than anything else.

"We must now go home and tend to our wounds. It is too soon yet to talk about what went wrong for us tonight. It is a moment to think now, to reflect, and to spend time at home."

'No excuses'

Simeone said he did not have any complaints about the result, despite television replays appearing to show Ramos in an offside position when the defender turned in the opening goal.

"I want to congratulate Madrid – they were better than us again, this time in the penalty shootout," he stated.

Atletico fans at the San Siro
Atletico's wait for a European Cup goes on after a third final defeat in MilanGetty Images

"Today was not meant to be for us. There is no such thing as justice in football. Whoever wins deserves to win. There are no excuses."

Simeone has been mooted as a potential successor to Arsene Wenger at Arsenal, with the latter's contract at the Emirates expiring in May 2017.

Aside from two Champions League finals, the 46-year-old has led Atletico to one La Liga title, one Copa del Rey and one Europa League title since taking over at the Vicente Calderon in 2011.