Arsenal boss Arsene Wenger is ready to compete with Chelsea for Atletico Madrid star Radamel Falcao. The Sunday Mirror says along with a number of other clubs like Chelsea and Paris St ­Germain, the Arsenal boss is a huge admirer of Falcao, the Atletico Madrid striker.

The prolific Colombia international destroyed Chelsea with a hat-trick in the UEFA Super Cup in August.

His buy-out clause is about £50m - but that could drop because of the country's financial ­crisis.

If Atletico come down to the £40m, then Wenger could be ­interested.