Talks between the Blues and Atletico Madrid over a summer move for the Colombian hitman are well under way.
And Soccer4life understands both parties are confident a deal will be done that will see the Stamford Bridge side land one of Europe's deadliest strikers.
reports revealed a year ago how Chelsea were so keen on Falcao that at one stage they were having him watched in virtually every game.
Now, having been unable to land him in either of the last two windows, they hope to finally get their man this summer - and beat rivals City and Madrid to his signature in the process.
The final deal for long-term target Falcao, 27, is expected to be worth in the region of £40m although Chelsea could pay considerably less up front.
One option is to offer Fernando Torres back to Atletico Madrid in part-exchange.
Torres has flopped at Stamford Bridge since his British record £50m move from Liverpool two years ago. He was a huge favourite at Atletico where he began his career before moving to Anfield in 2007.
Boss Diego Simeone hinted last week that Atletico would welcome Torres back.
He said: "We were team-mates. I know how important he can be.
"Fernando knows about the club's history, what it means to play here and I don't need to speak about his ability.
"We have to wait for the season to end and decide which of the available players could come here and do a good job."
If Falcao comes to the club his name will be enlisted among many great strikers who have graced the premier League for the London club Chelsea.
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