Chelsea are planning a raid for Atlectico Madrid striker Falcao and could use Fernando Torres as part of the deal for the Colombian.
The Blues have been sent club representatives to watch the 25-year-old for the last three months and the move is being pushed forward by manager Andre Villas-Boas who managed the player at Porto.
The Stamford Bridge club are willing to cut their losses on Torres whose record-breaking move to west London has become a nightmare, according to the Daily Star.
The Spaniard has managed three league goals since his move south and could view a return home as the best way to rediscover his form.
Falcao has had no such problem since moving from Portugal to La Liga side Atletico last summer: he scored 62 goals in 72 games following his move to Europe from River Plate in 2009.
He bagged 33 in 36 outings under Villas-Boas last season, including 17 in 14 Europa League games for winners Porto to set a new European scoring record.
And he has picked up where he left off last year with another 17 goals in 25 games for Atletico.
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