The Colombia international is one of the most respected marksmen in world football, and has been a target for the Stamford Bridge club for some time.
After the South American forward scored a hat-trick against the Blues in this year’s European Super Cup, Roman Abramovich is thought to want to bring Falcao to west London.
The striker has admitted that he could leave the Vicente Calderon, but a number of factors will impinge upon his future.
“I have a contract for more years. Now my reality is Atletico and I cannot think of anything else,’ he told Marca, translated to English by The Daily Mail.
“I do not know what will happen in the future. The situation depends not only on the players and the management but also the economy of the clubs and even the country.
“I could only go by what was said by the club and they said it would be difficult for me to stay if they did not reach the Champions League.
“The future was uncertain regarding the economic issue, but it was a great effort from the team and they kept almost the entire playing staff, which speaks volumes for how well Atletico are doing,” he concluded.
Chelsea are still looking for a forward to replace Didier Drogba.
By Gareth McKnight