Colombian, Radamel Falcao joined big spending AS Monaco last May from Atletico Madrid in a five-year deal reportedly worth £40 million. He was in sensational form for the Spanish club, scoring 70 goals in just 91 appearances in all competitions and has won the Europa League, Super Cup as well as the Copa del Rey in his final season.

Although he has been in fine goal scoring touch for his new club, scoring 9 goals in 14 appearances to help the club to third in the table, Monaco would be interested in a deal in parting ways with Falcao in January if they can get a fee in the region of £80 million.

According to Yahoo! Eurosport, Chelsea are interested in Falcao and they have already been told by Monaco that the 27-year-old will command a fee in the region of £80 million, double of what they paid Atletico just 6 months ago.

Chelsea manager Jose Mourinho has seen first-hand how lethal the Colombia international can be. As former manager of Real Madrid, Mourinho witnessed how Falcao put all the other La Liga teams to the swords, including Real Madrid in their most crucial game of the 2012-13 season.

With the prospect of finishing the season empty-handed, Mourinho knew a win for his club against arch-rivals Atletico Madrid in the final of Cope del Rey was crucial. However, Falcao turned on the style in the final and helped his club secure a historic 2-1 victory over Real to help them clinch the Copa del Rey.

The report also suggests that Monaco will be willing to listen to offers which can have either Fernando Torres or Demba Ba as part-payment. The former cost the Blues £50 million in 2011 whereas the latter arrived for just £7 million.

Chelsea are unlikely to get much return on the investment made on Torres, whereas Ba looks a more likely option in part-exchange for Falcao. However, Real Madrid are also interested in his services as they try to rope in a new proven forward in the January transfer window.