Atletico Madrid are reportedly planning to launch a £40m bid for Liverpool striker Luis Suarez this summer.

The future of Atleti striker Radamel Falcao has been the subject of speculation all season, with reports of Chelsea taking an interest in the player.

Any potential transfer fee received for the Colombian will be ploughed into a deal to take Suarez from Anfield, according to The Mirror.

It is believed that the Madrid outfit would be willing to break their transfer record to sign the Uruguayan, who has scored 29 goals for the Reds in all competitions this season.

However, the player's wages of around £5m a year could prove to be a stumbling block, with the Liga side to ask the Azerbaijan government, with whom they have a sponsorship deal, to provide the extra funds to land the player.

Suarez is currently two games into a 10-match suspension he received for biting Chelsea's Branislav Ivanovic in their 2-2 draw last month.