Radamel Falcao
Radamel Falcao has netted just four goals for Manchester UnitedGetty Images

Chelsea are closing in on signing AS Monaco striker Radamel Falcao in the summer transfer window, according to Portuguese publication Record.

The 29-year-old was on a season-long loan at Manchester United after he recovered from a serious knee injury, which ruled him out of the 2014 World Cup in Brazil. He failed to impress for the Red Devils, which forced Louis van Gaal to end his spell at Old Trafford.

The former Porto and Atletico Madrid star is wanted by the Blues manager Jose Mourinho as he wants him to replace Didier Drogba at Stamford Bridge. The veteran striker has left the club after the end of the last season.

Falcao has publicly expressed his interest to remain in the Premier League, despite a disappointing season with the 20-times English champions. The Portuguese tactician also admitted that he will help the striker recapture his old form.

The player is currently with the national squad as the striker is leading Colombia in the ongoing Copa America 2015. He will be hoping to regain his form in the South American championship in Chile.

Meanwhile, the Telegraph reports the west London club will only offer the Monaco star a loan-deal. They also suggest that talks have been ongoing between the striker's camp for the last two weeks and Chelsea, as the latter are not willing to meet the player's high wage demands.

Falcao was earning around £265,000-a-week ($412,000) at United and a move to Chelsea will force him to take a pay cut.

The French club are desperate to offload Falcao to avoid the Financial Fair Play restrictions. He is their highest paid player at Monaco and a move to Chelsea, either on loan or permanent will help them get the striker off their wage list.

The Colombian international and the former Real Madrid manager share the same agent, Jorge Mendes. The Premier League champions have not completed any signings this summer and Falcao is likely to be their first summer signing.