Manchester United have emerged as the frontrunners to sign striker Radamel Falcao after reportedly agreeing a £50m fee with Monaco.

Manchester City and Arsenal have been linked with the Colombian's services, but United are believed to have entered the race on transfer deadline day.

According to The Express, reports in Colombia have stated that a fee has been agreed between the two parties and United are prepared to offer Falcao a four-year contract, which would make him the highest paid player at the club.

United captain Wayne Rooney currently tops the wage list at Old Trafford on a contract said to be worth £300,000 per week.

So far this summer, the Red Devils have signed Ander Herrera, Luke Shaw, Marcos Rojo and Angel di Maria, while the arrival of Daley Blind from Ajax is expected to be finalised today.