The Gunners have been heavily linked with the striker for much of this week, with Olivier Giroud’s injury situation having been a worry.
And now with the Frenchman set to miss the rest of 2014, a move to draft in a replacement for him is on the agenda, even though the club have played down such talk.
Reports reveal that Arsenal are one of three clubs – the others being Juventus and Real Madrid – chasing the player, who is thought to be available on loan for the season.
Monaco are rumoured to be resigned to losing their prolific marksman, but are insisting on a £20m fee up front with a view to a big sum at the end of the season for a permanent deal.
Falcao himself is also desperate for a move to a bigger club, despite having only been with the Ligue 1 heavyweights for just over a year.
Arsenal have only Yaya Sanogo as an orthodox striking option without Giroud, although Alexis Sanchez, Lukas Podolski and Joel Campbell could be used in the role.
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