Falcao endured a disappointing season in the Premier League with Manchester United but wants to remain in England and appears likely to join Chelsea as they look to fill the gap created by the departure of Didier Drogba.
Monaco want a £5million loan fee for Falcao, who is willing to reduce his £265,000-a-week salary to seal a move to Stamford Bridge, according to the Telegraph, but talks between the two clubs have so far failed to reach a conclusion.
Falcao is hoping the deal can be completed before Colombia start their Copa America campaign on June 14.
“It has been speculated a lot about my next team, but I tried to stay calm,” he said. “I would like to continue in England, we’ll decide (my next team) in the coming weeks.”