Over the two legs, the Spanish side delivered exactly the sort of well-drilled, discliplined performances that we have come to expect from 'Los Colchoneros' over the years as Arsenal were ultimately undone by the sort of error that came to typify Wenger's later years at the helm.
The momentary lapse in concentration in the first leg that allowed Antoine Griezmann to claim 10-man Atleti a previous away goal proved to be the difference over the two games as Arsenal failed to find a way through the hosts at the Wanda, despite their swathes of attacking talent.
The defeat means that Arsenal will go another season without Champions League football next term, whilst Wenger will end his 22-year reign at the club with no European titles to his name and with a trip to Huddersfield's John Smith's Stadium in the Premier League, rather than a Europe League final in Lyon.
For all his domestic success, Wenger's inability to claim a Europe title during his time at the helm will be one that will haunt his legacy, with the 68-year-old having now lost two finals (one in the Champions League and one in the Europa League) as well as suffering one semi-final exit in each of Europe's club competitions.
When you consider that Chelsea, Manchester United (twice) and Liverpool have all claimed the title of Europe's best during Wenger's time at the helm, it will no doubt be a source of disappointment to both the club's fans and the Frenchman that Arsenal were unable to claim a Champions League crown of their own.
With no fairytale ending to speak of, attention now turns to the next chapter in Arsenal's story, just who will be doing the writing, though, remains anyone's guess.