According to the Daily Mirror, Torres will be given one more month to find his shooting boots or else the Blues will finally accept they have paid £50m for a busted flush.
Falcao and Edinson Cavani have oft been linked as potential January arrivals, but a more modest and realistic target appears to have emerged in the form of Brazilian striker Taison who plays his football in the Ukraine.
What might worry Chelsea fans though is that while Falcao has scored 36 goals in 46 games this season, Taison has hit just four in 19. Last season he scored just two goals in 23 league games, although to be fair he has also played some games on the wing or in an attacking midfield role.
The Mirror reports that: "Metalist Kharkiv star Taison was at Stamford Bridge to watch Wednesday's goalless draw with Fulham, amid reports from his South American homeland that he will sign a £10million deal next week ahead of the opening of the January transfer window.
"The 24-year-old, a former Internacional team-mate of the Blues' new midfield schemer Oscar, was tracked in the summer.
"Taison wowed worldwide earlier this month when he scored this stunning Europa League goal, reminiscent of Marco Van Basten's 1988 volley for Holland against Russia, for Metalist three weeks ago."
The Times also links Taison with Chelsea and says his "price tag makes him far cheaper than Radamel Falcao, although he is far less prolific than the Atletico Madrid striker."
Torres will still be given a chance though and according to Mirror Rafael Benitez is said to have already "devised a new fitness regime specifically designed to return Torres to his best and will change Chelsea's tactical approach to create extra space for him to run into."
Meanwhile Torres has been offered some help by former Olympic sprinting gold medallist Darren Campbell, who has told the Daily Telegraph that he can 'fix' Torres' speed issues in just two weeks.
Our Spanish blogger Andy Mitten wrote about Jose Mourinho's future yesterday saying that the Real Madrid boss would love to have the Manchester United job in the future but in today's Sun he has been linked with a move to Manchester rivals City in the summer.
"Even though Mancini has signed a contract through to 2017, City owner Sheikh Mansour might be tempted to sever ties with the Italian if he can get the former Chelsea manager," the paper claims.
According to the Guardian: "Arsenal want players signing new contracts to agree deals that involve reduced payments if the club fail to qualify for the Champions League."
They quote an Arsenal spokesman as saying it was "normal practice" for players to have clauses that were linked to the club's success both domestically and in Europe.
Luka Modric has told Gareth Bale to join him at Real Madrid - so they can rule the world together. Modric is quoted in the Sun as saying: "Madrid would be a great club for him to achieve his dreams."
QPR are lining up an £8million bid for Loic Remy. Harry Redknapp tried to sign the Marseille striker, 25, when he was still Tottenham boss. (The Sun)
Liverpool manager Brendan Rodgers is tailing £3.5million-rated Dutch centre-back Stefan de Vrij, 20. De Vrij is already captain of Feyenoord and made his international bow three months ago. (The Sun)
Finally, Sunderland are weighing up a £5m January swoop for Swansea striker Danny Graham. Black Cats boss Martin O’Neill wants to bring in a midfielder and a forward when the transfer window reopens. (Daily Star)