Falcao is regarded as the hottest striker in the world and destroyed Chelsea single-handedly in the European Super Cup in August, firing a hat trick as the Spaniards romped to a 4-1 win.
According to the Daily Mirror, that was the night when billionaire Abramovich decided to make Falcao his No1 target, and Chelsea have now got everything lined up to get a deal done when the winter window opens.
Blues manager Roberto Di Matteo has stuck by inconsistent 50 million pound signing Fernando Torres up front this season, but the club has now decided to go for another big-name to boost their push for more silverware.
Falcao, a 26-year-old Colombia international, joined Atletico from Portuguese side Porto for 35 million pounds in 2011.
The Spanish club will find it hard to resist a big-money offer in January, as they have debts to pay, the paper said. (ANI )