Talks between Real Madrid and Monaco for Radamel Falcao have entered a crucial phase with the Colombian star expected to return to Spain soon, according to reports.

Falcao -- who completed a €45m move from Atletico Madrid to the principality last summer -- missed this summer's World Cup through injury but is now fully recovered. He appeared in just 17 games and scored nine goals last season.

Last week it was reported that Monaco agreed to negotiate with Madrid for the coveted striker and, according to L'Equipe as quoted by AS, those talks are at a crucial phase.

Real will not match the €45m that Monaco paid Atletico for the star though. It is expected that both clubs will reach an agreement with Falcao after it was reported the striker dreamt about playing for Real last summer but was denied the opportunity after Atletico refused to sell their star to their arch-rivals.

It was also reported that the Colombian told his agent Jorge Mendes that he just wanted to play for Los Blancos and did not want to listen to offers from any other club.

Last September, Real president Florentino Perez claimed Falcao is "a great player and I am aware he wants to play for Madrid".

The 28-year-old added: "I can only thank Florentino Perez for what he's said, but I must respect my current club Monaco, where I am feeling very well. This is not the time to talk about Real Madrid's potential interest in me out of respect for my current club."

The latest reports claim the situation has now changed and it is now Falcao's dream to join Los Blancos as soon as possible.

L'Equipe also claims that Real could want any deal delayed until January over concerns over the player's recovery from his knee injury – however, Madrid doctors are confident over his fitness after completing his rehab in the Spainish capital.

The Colombian star had a superb time with Los Rojiblancos scoring 70 goals in 91 appearances.