Manchester City will challenge Chelsea for Atletico Madrid star Radamel Falcao. The Daily Mail says City are preparing a £46million bid to rival Chelsea's offer for Atletico Madrid striker Falcao.

Colombian hitman Falcao, 26, has scored 12 goals in just eight appearances this season and has quickly become Europe's most sought-after striker.

Chelsea are prepared to meet the release clause of the player who netted a hat-trick against them in the European Super Cup, but City scout Carlo Cancellieri has revealed that boss Roberto Mancini is also interested in the former Porto man.