The 26-year-old Colombian international has been heavily linked with a move away from the Vicente Calderon Stadium, and the Spanish club have already started their search for a replacement for the prolific striker.
Having accepted they will not be able to keep hold of Falcao beyond the 2012/13 campaign, Atletico Madrid boss Diego Simeone has drawn up a shortlist of potential targets, with Liverpool's Luis Suarez, and Manchester City's Edin Dzeko both believed to be on the Argentinian's radar.
Roberto Mancini might want to tempt Los Rojiblancos into a player-plus-cash swap deal, using the money from the recent sale of Mario Balotelli to bring Falcao to the Etihad Stadium.
However, Chelsea owner Roman Abramovich is unlikely to give up on the South American star without a fight, and will launch a big-money bid for one of Europe's most wanted, once he has recruited a permanent manager at Stamford Bridge.
And, with Fernando Torres currently under contract in west London, Chelsea also possess a potential wild card, with the option to offer the Spanish striker back to his old club, where he first made his name before moving to the Premier League in 2007.
Re-signing Torres might prove an attractive proposition for Atletico Madrid, but the 28-year-old's significant downturn in form will be something of a concern for Simeone, as he looks to replace the significant goals contribution of Falcao next season.