The Belgian youngster is currently on loan in the Spanish capital and has been linked with a return to the Premier League at the end of the season.
He has produced a number of top-drawer performances, which has led to speculation that Atletico are looking to make the deal permanent.
The Blues are believed to want to use this to their advantage and allow the 20-year-old to stay at the Vicente Calderon as part of a deal for Falcao.
Chelsea’s interest in the Colombian forward is far from a secret, with the London club keen to draft in a guaranteed source of goals.
£50m flop Fernando Torres has failed to impress since his move from Liverpool in 2011, whilst Didier Drogba has also moved on.
They have drafted in Demba Ba from Newcastle, but club owner Roman Abramovich is thought to be keen on bringing Falcao to Stamford Bridge.
The prolific striker, who has netted 22 goals in 21 appearances this term, is believed to be available for around £47m, but its likely that their valuation will drop slightly even if Courtois moves the other way.
They may face competition from both Paris Saint-Germain and Real Madrid.