Manchester United striker Javier Hernandez has reportedly been identified by Atletico Madrid as a potential replacement for Falcao, should the Chelsea and Manchester City target be sold in the January transfer window.
Falcao netted his 12th goal of the season in Atletico's weekend defeat of Real Sociedad, while reports on Sunday linked the Colombian with a £46 million move to Chelsea or Manchester City.
According to Metro, with Falcao's future in Madrid in doubt, Atletico are keen on Hernandez, whose future as a Manchester United player remains uncertain.
Hernandez has fallen down the Manchester United pecking order following the summer arrival of Robin van Persie at Old Trafford, with the Mexican also finding himself below Wayne Rooney and Danny Welbeck.
Fiorentina have also been linked with a move for Hernandez, while Atletico are reportedly prepared to offer £12 million to bring the 24-year-old to Madrid as a replacement for Falcao.
Falcao appears destined to leave Atletico after little over a season with the club, having established himself as the most in-demand striker in Europe with 48 goals in 59 appearances for Diego Simeone's side.
Manchester City's interest in Falcao was confirmed by their chief scout on last Friday, while Chelsea have been linked with the 26-year-old ever since his time at Porto.
Chelsea would appear to be in greater need of reinforcements up front than City, given the inconsistent form of Fernando Torres, and taking into account the summer departure of Didier Drogba.