The Sunday Mirror says the Spanish club have expressed an interest in re-signing Fernando Torres at the end of the season.
And that means Chelsea can now pursue a deal that would see Torres return to Atletico and Falcao move to Stamford Bridge.
But Chelsea’s valuation of Torres and his £175,000-a-week wages will provide the biggest stumbling block.
But Chelsea will be desperate to offload Torres and sign Falcao, who has a £46million release clause in his Atletico contract.
A Spanish source said: “Despite all his problems at Chelsea, Torres is still held in great affection at Atletico and he would be welcomed back.”