ESPN FC’s Steve Nicol tells Alexis Nunes that Radamel Falcao is settling for second best by joining Chelsea.

Chelsea are near agreement on a loan deal that would bring in Radamel Falcao from French club Monaco for the 2015-16 Premier League season, according to reports.

Jose Mourinho has made no secret of his desire to sign Falcao, despite the Colombia international contributing just four goals in 26 Premier League appearances during a loan spell at Manchester United last season.

Portugal-based Record and London’s Sunday Times reported at the weekend that the 29-year-old had agreed to move to Stamford Bridge, but the latter said that the two clubs had yet to determine whether the transfer would be temporary or permanent.

And earlier on Tuesday, RMC reported that Monaco would only sanction a permanent move.

However, L’Equipe claims that Chelsea have agreed terms on a deal that will see the Blues pay just over £7 million to loan Falcao for the season with a buyout clause of £35 million.

Reports say that a deal is likely to be formalised before the weekend. The BBC said the loan will be for one season.

Falcao still has three years left on the deal he signed when he moved to Monaco from Atletico Madrid in an estimated €60 million move in 2013.

The striker had become renowned as one of the finest in the game after prolific spells with Porto and Atletico, but he has yet to recover top form since undergoing surgery on his left anterior cruciate ligament in January 2014.