The Daily Express says Chelsea have a long-standing interest in Falcao, and his £50m release clause wouldn't be prohibitive for Roman Abramovich.
Atletico are now scouring Europe for a big name replacement and Suarez is on their radar.
Suarez has also been courted Bayern Munich, who are prepared to flex their financial muscle in the summer despite already agreeing a £31.5m deal for Mario Goetze.
Should Liverpool keep hold of Suarez - or cash in? Give us your shout below...