Talks between the Blues and Atletico Madrid over a summer move for the Colombian hit man are well under way, the Daily Express reports.
It is understood both parties are confident a deal will be done that will see the Stamford Bridge side land Falcao, who was also courted by English domestic champions Manchester City and Spanish champions Real Madrid.
It was revealed a year ago how Chelsea was so keen on Falcao that at one stage they were having him watched in virtually every game, the paper said.
The final deal for long-term target Falcao is expected to be worth in the region of 40 million pound although Chelsea could pay considerably less up front and one option is to offer Fernando Torres back to Atletico Madrid in part-exchange.
Torres has flopped at Stamford Bridge since his British record 50 million pound move from Liverpool two years ago, and he was a huge favorite at Atletico where he began his career before moving to Anfield in 2007.
Chelsea could also boost their chances by allowing Thibaut Courtois to extend his stay at Atletico. The keeper has spent the last two seasons on loan at Atletico after joining Chelsea from Genk in 2011, the paper said. (ANI )