Spanish side Atletico have a number of debts to contend with and it is believed that parting with their Colombian international is one money-raising option that is under consideration.
The capital-based club have insisted that he will not be sold in January, meaning that a summer exit is all the more likely.
English champions Manchester City are said to be interested, as are Arsenal, Real Madrid and Barcelona.
However, Champions League winners Chelsea are the 26-year-old's most likely destination, according to ESPN.
The report has claimed that the Blues are happy to meet Atletico's £45m asking price for a centre-forward that scored 36 goals in all competitions last season.