Chelsea are set to splash £48million on Atletico Madrid star Radamel Falcao in January, according to The Metro.

Falcao has a release clause in his contract that would mean Atletico would have to accept an offer for him if a club met the £48million price tag and it seems Chelsea are finally willing to rise to the challenge.

This transfer saga has been going on since the summer, with Chelsea initially unwilling to break the clause, but with a deal almost in place, personal terms will be the only thing preventing Falcao arriving at Stamford Bridge in the new year.

Chelsea will then boast a strikeforce of Fernando Torres (£50million) and Falcao (£48million) that must put fear into any domestic or European defence.

The Blues have started the season in fine form, but the absence of a second striker has been obvious and so fans will undoubtedly be excited by the arrival of the 26-year-old who has already scored 12 times this season.