The Columbia international, 27, is one of the most in-demand players in world football at the moment, having scored 22 goals in 21 appearances this season.
Belgian goalkeeper Thibaut Courtois is currently on loan at Atletico from Chelsea.
The 20-year-old, who is due to return to Stamford Bridge this summer, has started in 59 of Los Rojiblancos' last 61 La Liga matches.
According to El Economista, Chelsea could be willing to allow Courtois to move to Estadio Vicente Calderon on a permanent basis in order to persuade Atletico to part company with Falcao.
Both players are contracted to their respective clubs until June 2016.