Stamford Bridge or the Etihad Stadium are possible destinations for prolific Colombian.
Atletico Madrid boss Diego Simeone has hinted that Chelsea and Manchester City target Radamel Falcao could leave the club this summer.
The 27-year-old has been on sparkling form for Atletico this season, netting 29 goals in 32 appearances in all competitions.
With Fernando Torres – himself an possible target for Atletico this summer – continuing to misfire and the jury still out on new signing Demba Ba, the Chelsea have been linked with a move to sign the Colombian goal-machine in the Daily Express and other major newspapers.
While Simeone had nothing but praise for Falcao, the Argentine hinted that the striker could make a big decision in the future.
“I’m not Falcao and I’m not his agent. I’m the manager and have the utmost respect for him, because he gave me so much at River Plate and has done the same here,” Simeone is quoted as saying by Marca.com.
“He always gives his all and I really respect players who do that. But everyone makes their own decisions in life. Every person is different, and we have to respect each other. Those who stay are always going to be the best.”
Falcao scored a blistering hat trick against Chelsea in the European Super Cup in August but has publicly said he is happy at the Vicente Calderon.
The striker, who joined Atetico from Porto for €40m (£34.1m) in August 2011, has also been linked with big-spending Manchester City, with the Metro claiming the Premier League champions were preparing a mega-bucks summer deal for the forward.