The Colombian superstar – who is unable to feature at the World Cup due to injury – has long been considered as one of European football’s finest goal-getters for some time after electric spells with Porto and Atletico Madrid prior to his £50m switch to the Ligue 1 heavyweights last year.
Despite him having only been at Monaco since May 2013, speculation has suggested that he could be on his way for some time amid talk that he’s failed to settle in area.
Although the French side have indicated that he will not be sold this summer, new coach Leonardo Jardim is thought to see him as dispensable as he sets about making his own stamp on the first-team.
This has alerted Chelsea and Arsenal, who are both in the market for new forwards.
The Blues were linked with Falcao prior to his move to Monaco from Atetico Madrid, and could use the cash injection from the sale of David Luiz to PSG to land the sharp-shooter Jose Mourinho has been calling for for some time
Arsenal are also in the battle, with Arsene Wenger known to be looking to bulk up his options after relying on Olivier Giroud last season.