The Colombia international, on loan at Stamford Bridge from Monaco, has struggled with injuries this season and has not played for the Blues since October.
BBC Sport claim an offer from China was on the table on transfer deadline day but no move materialised.
As for Falcao, who played at Atletico between 2011 and 2013, he is now expected to remain at Chelsea until the end of the season when he will return to Monaco.
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