The Colombian striker has returned to Monaco after his failed season-long loan at Manchester United, where he scored just four Premier League goals.
But that hasn't stopped interest coming from champions Chelsea, with Jose Mourinho reportedly confident he can get the best out of him alongside Diego Costa.
And according to reports in France, the Blues are set to reopen talks with Monaco this week as they look to beat Valencia and Juventus to his services.
GETTY
Chelsea look to beat Valencia and Juventus to Monaco striker Radamel Falcao
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The Ligue 1 giants are reportedly hoping to recoup around half of the £50million they paid for the 29-year-old from Atletico Madrid two years ago.
However, Chelsea are expected to negotiate a lower the transfer fee as they're well aware of Monaco's desperation to offload Falcao's £265,000-a-week wages.