The Colombian is understood to have been a long term transfer target for the Blues, but opted to complete a big money move to Monaco last summer.
Speculation has continued to surround his future, after a season plagued by injury, with reports also suggesting he is unimpressed with the standard of Ligue 1 football.
Chelsea and Real Madrid are said to be waiting in the wings should the 28-year-old decide to move on this summer, after catching their attention during his two years at Atletico Madrid – a time in which he hit 52 goals.
He has been tipped to replace Karim Benzema at Real Madrid, while Jose Mourinho has made no secret of his desire to sign a world class striker in the summer.
But Falcao claimed he is not considering a move, and is just concentrating on recovering from a knee injury which is likely to rule him out of the summer’s World Cup.
“Real Madrid? For now, my future is my knee,” Falcao told Marca.