Porto striker Falcao has revealed he is ready to make a "dream move" to the Premier League, paving the way for a reunion with former-manager Andre Villas-Boas at Chelsea.
Falcao, who scored 33 goals last season as the Portuguese champions completed an extraordinary treble, has also been linked with Real Madrid.
But the Colombian said, "There is a club that I dream to play for. They are foreign but I do not want to say who it is now. The Spanish league is good, but I prefer the Premier League as there is a better atmosphere on the field."
Chelsea would have to pay £27m to trigger the release clause in the forward's contract but club officials are confident the player is ready for a move to the Premiership; a sentiment Falcao shares.
"I have matured in every respect and I am qualified to play in a big league. I never thought I would score so many goals. It has been a surprise for me and I have benefited from the quality that we have in our team," he said.
While Tottenham Hotspur's Luka Modric remains Chelsea's main target in midfield, reports in today's Daily Mail suggest the club are preparing a sensational late bid to scupper Manchester City's £19m move for Samir Nasri.
Chelsea officials are believed to be monitoring the situation at Arsenal, where Arsene Wenger has failed to convince the 24-year-old to extend his stay, with just one year remaining on his current contract.
Meanwhile, sources close to Chelsea have revealed that the Stamford Bridge side are making "discreet enquiries" regarding the availability of Manchester City striker Carlos Tevez.
But City are prepared to take a hardline stance over the Argentine's future, with the club unwilling to listen to offers below £50m. With Tevez earning in the region of £250,000, only a small band of clubs have the money and stature to negotiate a suitable contract. Chelsea are one of those clubs and, were Abramovich to tempt the 27-year-old to west London, it would undoubtedly be the transfer story of the summer.