Ex-Porto attacker had been expected to join the Blues this summer.
Coveted Atletico de Madrid front man Radamel Falcao has reportedly agreed terms with big-spending Ligue 2 outfit AS Monaco over a €60 million transfer at the end of the season, says Spanish radio station La Sexta.
The red-hot Colombia international has been the subject of intense speculation of late linking him with a big-money summer move to a whole host of European clubs, including the likes of Premier League champions Manchester United, UEFA Champions League holders Chelsea and mega-rich duo Manchester City and Paris Saint-Germain.
Falcao, 27, has a contract in the Spanish capital until June 2016, however, with his current employers in desperate need of cash to pay off their debts, it has been expected for some time now that Atleti would try and cash in on Falcao when the transfer window reopens for business on 1 June.
However, what was not expected was the player moving to the South of France, although if reports are to believed then the attacker will earn as much as €10m a season in the Principality.
Falcao has netted a quite staggering 69 goals in just 87 matches for Atletico since joining the club from FC Porto two years ago.