Talks with the Colombianâ€™s representatives and Atletico chiefs have been ongoing for months - and Chelsea think they are now close to signing him.
The Daily Mail says the London club have turned down a potential summer move for long-term target Edinson Cavani to focus on getting Falcaoâ€™s signature secured.
Roman Abramovich has given the green light to a financial package understood to be worth Â£200,000 a week and will also meet Atleticoâ€™s Â£46million asking price.
Have Chelsea chosen right going with Falcao over Cavani? Give us your shout below...