Atletico Madrid have reportedly informed Premier League duo Manchester City and Chelsea that they can bid for star striker Radamel Falcao in the summer transfer window.

The 26-year-old is believed to have alerted the English league's big spenders following a strong start to the season in Spain.

It is understood that Atletico are willing to sell the forward for financial reasons but they have insisted that the bidding will begin at £48m, according to The Mirror.

City boss Roberto Mancini was spotted watching the forward during Atletico's 2-1 win over Malaga on Sunday.