Atletico Madrid have reportedly hatched out a contract offer for striker Radamel Falcao in order to warn Chelsea off their star forward.

The Champions League winners have been constantly linked with a switch for the Colombian frontman, who is believed to have a £46m release clause in his current contract.

While the Blues are thought to be keen on the 26-year-old, it is understood that the Spanish outfit are prepared to give the player a new contract with a higher release clause, according to talkSPORT.

Falcao has netted 13 goals in nine La Liga games this season.