The Colombian hit-man has been at the centre of much transfer speculation linking him with the Premier League, and according to reports Atleti are now actively searching for his successor.
Uruguayan forward Cavani has been mooted for a move to the Vicente Calderon Stadium, but according to his agent, Pierpaolo Triulzi, he's received no contact from the La Liga outfit.
"If Atletico Madrid want to pay his 62m euros release fee then they can have their say, but there has been no contact and we don't know if they want to buy him," he told Marca.
"We don't know what will happen in the future, but the player is very happy where he finds himself right now."
Chelsea's link to Falcao stems back to the summer, when former manager Roberto Di Matteo wanted to bring the 26-year-old to Stamford Bridge. The Italian's sacking does not necessarily end the Blues interest in his sought-after signature, with Rafael Benitez appointed on an interim basis until the end of the season.
The South American has played a starring role for Atletico Madrid this term, helping them to second place in the Primera Division with 10 goals so far. His prolific form means a host of parties - in addition to Chelsea - continue to monitor Falcao's situation, and the Spanish club's reported interest in Cavani, suggests they are making plans for his departure.
"There have been a lot of offers for him [Cavani] in the past," added Triulzi. "But Napoli didn't want to let him go and got him to sign a contract extension instead."