According to the Daily Express, Falcao is ready to take a pay cut to force a transfer before the close of the window next month. Manchester City, Liverpool and rivals Manchester United are all monitoring his availability.
He has publicly insisted he's content to play another season with Monaco, but behind the scenes he's looking for a move following the departure of international compatriot James Rodriguez.
Having returned to full fitness after recovering from knee surgery, Falcao is willing to accept a smaller wage than his £200,000-a-week package in the French principality to get his wish.
City are reportedly leading the race to sign him, with Real Madrid also strong contenders but Liverpool and United are not out of the running yet. Inter Milan are the other possible destination should Falcao fancy a crack at Serie A.
A season-long loan to Liverpool with a permanent option has been mooted, although the Colombian international's wage demands were thought to be a stumbling block.
Premier League interest high
However, Falcao's willingness to take a pay cut could play into Liverpool's hands as Brendan Rodgers continues his search for a Luis Suarez replacement. United and City would also be interested in snapping up the forward at a bargain price.
The season long loan move would allow Falcao to prove his fitness over the course of a whole campaign. That would give his prospective club time to gauge his recovery from what was a serious knee injury, and feel confident in investing the £51m that would be required to persuade Monaco to part with him permanently.