The Anzhi striker has been linked with a host of Premier League clubs over the past 12 months, but it is Liverpool and Manchester United who have been credited with the strongest interest.
But reports in France suggest the big spenders from Ligue 1 have already agreed a deal with the Ivorian striker that will see him move to the Principality once the transfer window opens.
The move may provide further speculation over the future of Falcao, who has struggled to replicate the form he showed at Atletico Madrid since his summer move to Ligue 1.
Chelsea have been consistently linked with the Colombian over the past 18 months, and rumours of his unhappiness at Monaco could see Jose Mourinho attempt a bid to bring him West London in January.
The news will come as a blow to both Liverpool and Manchester United however, who had targeted the 23-year-old as a January signing.
At 6 feet 8 inches tall, Traore would provide a different option for both sides should they wish to play more direct.