Chelsea are already putting the wheels in motion over a £45 million deal according the Sun, after owner Roman Abramovich was blown away by the Colombian's performance in the 4-1 mauling in Monaco.
According to the paper: "The European champions now believe they cannot achieve their ambitions with Fernando Torres as their only front-line striker."
Chelsea are acting fast as there are expected to be a number of clubs interested in the goal machine.
A Chelsea source told the paper: "The groundwork is already being done for Falcao.
“The owner wants everything in place now so a deal can be done before any other club can make a counter-offer.”
Falcao cost £32m from Porto just last summer but half of that fee is believed to have been paid for by a third party investment fund which includes the player’s representative Jorge Mendes.
Chelsea may have money to burn but some of their academy players do not after they were robbed at the Chelsea training ground.
The Daily Mail reported that the club "called in police after six wallets, nine mobile phones and several watches were stolen from staff and players at the training ground in yet another amazing security breach at the club."
The club later confirmed the robberies although they also stated that no first-team players were affected.
The other "amazing security breaches" the Mail refers include: an incident where a knife was discovered in the dressing room; the sacking of youth player Jacob Mellis after he let off a smoke bomb; and a case where Chelsea’s staff damaged the European Cup while posing for unauthorised pictures with the trophy.
The fall-out from John Terry's decision to quit England continues across the papers. Perhaps the most interesting angle comes from the Sun who say that Ashley Cole would welcome Rio Ferdinand back into the set-up.
The two players used to be good friends but they then had a falling out when Cole defended John Terry in his racism case against Rio's brother Anton.
More papers are confirming that paper round lead from Tuesday however that Roy Hodgson is set to snub Ferdinand from any future squads.
Manchester United suffered a big blow when Nemanja Vidic was ruled out for two months on Tuesday and there could be more bad news to follow with the Daily Mail reporting that winger Antonio Valencia left the club's Carrington training ground on crutches with his right foot in a protective boot.
To some other quick-fire rumours: Brendan Rodgers wants Jamie Carragher to help bring through the next generation of players in his new father role at Liverpool. (Daily Mirror)
Huddersfield manager Simon Grayson wants to make James Vaughan’s loan a permanent deal. The Norwich striker netted his second goal for the Terriers in Monday’s 3-1 win at Blackpool. (The Sun)
And finally, Sammy Lee is on Bury’s radar for their vacant manager’s job. The former Liverpool and England ace, 53, is in his third spell at Bolton where he is head of academy coaching. (The Sun)