According to the newspaper, the West London club have been offered the chance by Monaco to sign Falcao on reduced terms following his unsuccessful loan spell with Manchester United this season.
The 29-year-old is currently preparing for this summer’s Copa America, but is believed to want to remain in the Premier League next term, as per the newspaper.
Although it’s reported by the Telegraph that Falcao would be willing to take a significant cut from his £265,000-a-week contract for the move to happen, Chelsea want the striker to take an even bigger cut.
Despite that potential stumbling block though, the paper claims that there is a strong chance the deal will still be completed.
Speaking about his future on Friday in Bogota ahead of the tournament, Falcao said, as per the Telegraph: “I have a few offers, but my agent’s looking after it.”
The 29-year-old also shares the same agent as Chelsea pair Jose Mourinho and Diego Costa, and is believed to have been offered to the Blues as a replacement for the outgoing Didier Drogba, the Telegraph claim.
Falcao had a season to forget at United, scoring four goals and creating 18 chances in 26 appearances, with a shot accuracy of 55%.
The Red Devils ended the season in fourth place on 70 points, five adrift of Arsenal in third and six clear of Tottenham in sixth.
Meanwhile Chelsea secured their first league title in five years, finishing eight points clear of their nearest challengers Manchester City.
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