Chelsea are reportedly prepared to pay Radamel Falcao over £10m a year in an attempt to lure the Atletico Madrid star to Stamford Bridge.

The Blues have been heavily linked with an approach for the Colombian frontman, who is believed to have a £46m buy-out clause.

It is understood that Chelsea owner Roman Abramovich is eager to secure the striker's services and will offer the 26-year-old £200,000 a week, according to the Daily Mail.

La Liga giants Real Madrid are thought to also be in the running to sign the prolific forward.