Colombian striker Radamel Falcao has reportedly passed a medical in Monaco today as he edges closer to completing a £51m move to the Ligue 1 outfit.

Falcao flew out to the principality earlier this week after Monaco met the forward's substantial buyout clause at Atletico Madrid.

Reports in Spain today have indicated that the 27-year-old completed an extensive medical this morning and will sign a five-year contract with Claudio Ranieri's side later this week.

The terms of his contract are also thought to include a whopping £60m buyout clause that can be activated from next summer, according to Football Espana.

Falcao is the latest high-profile player to be lured by the tax-free earnings available at Monaco, following former Porto teammates James Rodriguez and Joao Moutinho in agreeing a switch to the French top flight.

Barcelona goalkeeper Victor Valdes is also reportedly in Monaco finalising terms on a summer transfer, believed to be for a fee of around £10m.