Atletico Madrid have reportedly identified Liverpool star Luis Suarez as the player to replace Falcao, should the Colombian striker be sold to Chelsea.
Falcao has been in magnificent form since joining Atleti from Porto in the summer of 2011, and has already found the net on ten occasions this season, to add to his 36 goals last term.
The 26-year-old has frequently been linked with a move to Stamford Bridge following the departure of Didier Drogba, with speculation increasing after Falcao scored a hat-trick against Chelsea in the Super Cup.
According to Spanish publication AS, Atleti are already making plans for the possibility of Falcao joining Chelsea, and Liverpool forward Suarez tops their list of replacements.
Suarez scored a hat-trick for Liverpool in the weekend defeat of Norwich, and has scored 27 times in 58 appearances for the Reds since moving to Anfield from Ajax in January of last year.
Liverpool, however, would be loath to sell the 25-year-old Uruguayan, even if Atleti approach the club with a substantial offer.