Real Madrid have agreed personal terms with Monaco's coveted striker Radamel Falcao and the deal will be announced after the World Cup, reports claim.

The Colombian star was heavily linked with a move to Chelsea last summer and speculations continued during the season after manager Jose Mourinho said the striker's move to Stamford Bridge could be good for both parties.

"I have a team but no striker. And a player like Falcao can't play in front of 3,000 people. Monaco is a club to end [your career with]," Mourinho said.

Chelsea have finally set their eyes on Diego Costa but according to AS, Mourinho was still monitoring the situation – as well as Manchester City, Tottenham and Liverpool.

However, several reports say Real Madrid have beaten Falcao's Premier League suitors as the Colombian international has already agreed terms to move to the Santiago Bernabeu – with a deal set to be announced once the World Cup ends.

The 28-year-old star has missed the World Cup due to an injury but will be fully fit for the beginning of the Real Madrid pre-season.

Falcao has reportedly been dreaming about playing for Real Madrid since last summer but Atletico Madrid refused to sell the star to their arch-rivals - and instead agreed a £45m deal with Monaco.

AS also reported Falcao had told his agent, Jorge Mendes, that he just wanted to play for Real Madrid, instructing him not to listen to offers from any other club.

Real president Florentino Perez has also admitted that Falcao is "a great player and I am aware he wants to play for Madrid".

Should the reports be true, Falcao will have to battle with Karim Benzema for a starting place at the Santiago Bernabeu - while Alvaro Morata is expected to leave.

The Champions League winners have also been strongly linked with Luis Suárez but according to reports in Spain Barcelona are now leading the race for the Liverpool star.