TalkSPORT reports the La Liga club are already preparing for Falcao's potential departure, and have identified a number of strikers, including the Liverpool and Manchester City pair, as possible replacements for the Colombian frontman.
Atletico are thought to be desperate to hold onto their star striker, but could be resigned to losing him should Chelsea, or any other interested party, trigger his release fee clause, believed to be close to £48m.
And should Falcao depart, Atletico sporting director Jose Luis Caminero is believed to have identified Luis Suarez and Edin Dzeko as achievable targets.
The Liverpool striker is under contract until 2016, while the Manchester City frontman has a deal until 2015 at the Etihad Stadium.
But the Madrid side believe they could tempt Suarez away from Liverpool, as they think it's unlikely the Anfield club will be challenging for major honours in the near future.
Atletico won the Europa League last season, and believe they can lure the Uruguayan to Spain if they secure Champions League football this season.
As for Dzeko, the Bosnian forward has been forced to play a bit-part role for Manchester City this season. The former-Wolfsburg striker has played second fiddle to Sergio Aguero and Carlos Tevez, but is still the club's top scorer with seven goals in all competitions so far this season.
The Manchester City forward is also believed to be a cheaper option than Suarez, according to the talkSPORT report.