Chelsea have a long-standing interest in the striker and tried to land him over the summer, but missed out to Ligue 1 outfit Monaco.
However rumours theta the Blues are lining up a January move refuse to go away, despite the fact Monaco paid in excess of £50 million for the Colombian just months ago from Atletico Madrid.
Le10 Sport have previously suggested that Chelsea and Monaco, who both have Russian owners, may set up a deal to help the newly promoted Ligue 1 outfit balance the books in order to avoid reprimand under UEFA's Financial Fair Paly directive following their summer transfer splurge.
Now they suggest that Chelsea, and their owner Roman Abramovich, are willing to pay over the odds to the tune of €80 million for Falcao, and also let Torres head to the principality to help Monaco save face.
The French source report that the deal would come with an understanding that Monaco owner Dmitry Rybolovlev would reciprocate if Chelsea ever find themselves short of cash.
The sticking point is likely to be Fernando Torres, who would likely be unwilling to swap Stamford Bridge for the Stade Louis II Stadium.
Torres cost Chelsea £50 million back in 2011, but has failed to regularly find his best form for the Blues.
Falcao, who has struggled to find the back of the net in recent games following a quick start to life in France, is understood to be willing to make the move to Chelsea if the chance arose.