The striker has returned to Monaco after a year-long stint at Old Trafford, where he scored just four times under Louis van Gaal.
Falcao is now reportedly in talks with Jose Mourinho's side over a potential move as a replacement for Stamford Bridge legend Didier Drogba.
And the Mirror claims that the Colombia international is willing to cut his losses in order to seal a move to the Premier League champions.
Falcao currently earns £265,000-a-week, and his agent Jorge Mendes, who also represents Mourinho, is set to negotiate a new wage in the coming weeks.
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Radamel Falcao is apparently ready to take a pay cut in order to join Chelsea
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