That is according to the Daily Mirror, who report that the Colombian would rather sign for Real Madrid, or even Manchester City.
Falcao seems likely to leave the Spanish side this summer, after a superb season in which he has driven the club forward.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.