Manchester United have suddenly emerged as the favourites to sign Manchester City and Arsenal target Radamel before the transfer window closes tonight, Express reports.
It was earlier reported that the Colombian ace was set for a move to City with Negredo making his way to Valencia, while Arsenal are also looking to make a late bid.
However, according to sources in Spain, the Red Devils have come to a £50million agreement with Monaco to sign the former Porto hitman.
After already signing Angel di Maria last week in a £59.7million deal, United are prepared to push their summer spending past £150million and make Falcao the highest paid player in the Premier League.
This would mean that his salary would eclipse that of Wayne Rooney, who is currently earning a massive £300,000-a-week.
But Man City and Arsenal are unlikely to give up on the chase, and could come up with their own offer before 11 pm tonight.
Falcao has already made three appearances for the Ligue-1 side this season, scoring two goals.