A pre-agreement between Falcao's team Atletico Madrid and Chelsea has been struck in a deal expected to be worth at least 48-million-pounds.
According to The Sun, Falcao, 26, has already scored six goals in three matches this season, and is seen as one of the world's deadliest strikers.
Last season, only Barcelona's Lionel Messi and Real Madrid Cristiano Ronaldo found the net more times in La Liga than the Atletico goal machine.
But with crippling financial problems at the club and with Falcao's agent, Jorge Mendes, also in charge of transfers at Stamford Bridge, Chelsea may well get their man when the transfer window reopens on January 1.
Chelsea, Barcelona and Russian side Anzhi Makhachkala have long coveted the Colombian, but Roman Abramovich's club look set finally to win the chase.(ANI )