While there will be at least one more month until the Blues can open their bank account and welcome the Colombian to Stamford Bridge, the speculation will continue until Falcao makes a move away from Atletico.
Here is a predicted starting 11 under manager Roberto di Matteo if Falcao does make the move to Chelsea.
Starter: Petr Cech
Cech is going nowhere and he will be Chelsea's first-choice keeper until he decides to retire.
Since joining the club from Rennes in 2004, Cech has been a mainstay in the Chelsea net.
The Czech Republic international is also just 30 years old, which is considered young for keepers.
Starters: Cesar Azpilicueta, Ryan Bertrand
The youth movement at Chelsea is not only going on in the attack, but in defense as well.
Azpilicueta was signed this summer from Marseille as the right back of the future while Bertrand is seen as the left back of the future.
Bertrand's chance to star in a permanent role at Stamford Bridge could come as early as January with rumors swirling around the departure of Ashley Cole, with Real Madrid being the latest club linked with the current left back at Chelsea.
Both full-backs have shown signs of promise in their limited roles this season and although they might not start right away with Falcao in the starting 11, they are the future of the club.
Starters: John Terry, Gary Cahill
If Terry is able to stay healthy and out of controversy, the former England captain will be able to carry on at Chelsea for another year or two alongside the 26-year-old Cahill.
Cahill has fit in perfectly to the Blues system since his move from Bolton last January and is the centre-back of the future for Roberto di Matteo.
The man left out of the picture at center back for the time being is David Luiz who has not done anything to impress di Matteo or Chelsea fans so far this season.
Another option at the position could be Branislav Ivanovic, who is one of the most versatile players on the Blues roster as he can play any position in defense.
Starters: John Obi Mikel, Ramires
Mikel is one of the most underrated players in the EPL as he delivers consistent performances for Chelsea when he is called on.
His partnership with Ramires in the defensive midfield of the 4-2-3-1 formation has worked well for the Blues this season and it does not look like any changes will be made to that partnership unless an injury breaks up the two players.
Ramires has developed into one of the bright young stars in the EPL.
Although he gets overshadowed by the flair and brilliance of the midfielders in the attack, the Brazilian has had a solid season so far.
Starters: Juan Mata, Oscar, Eden Hazard
The midfield trio for Chelsea is one of the best in the world.
Mata was Chelsea's top signing last season and he has continued his excellent form into this season with six assists and four goals in his nine starts.
Oscar has shown off his brilliant style of play mostly in the Champions League this season with spectacular goals against Juventus and Shakhtar Donetsk and is an excellent passer that the blues need for someone playing the middle of the midfield trio.
Hazard was the most coveted player in the summer transfer window and he has live up to the hype so far this season.
The Belgian is one of just four players to start all 12 matches in the EPL this season, Cech, Mikel and Fernando Torres are the other three, and he has not had a bad match so far.
Starter: Radamel Falcao
If Chelsea do sign Falcao in January, he will be starting up front in the spot that Fernando Torres has occupied all season.
The Colombian forward has 10 goals this season in La Liga and he broke out on the world stage with a hat-trick against the Blues at the UEFA Super Cup in August.
There is no doubt that Falcao would be make Chelsea's attack much better than it already is at the moment.
With a proven goal scorer up front that can actually finish chances, imagine how dangerous the Chelsea attack would be.
Subs: Ross Turnbull (GK), Branislav Ivanovic, David Luiz, Oriol Romeu, Victor Moses, Daniel Sturridge, Marko Marin
The substitutes bench under Roberto di Matteo is a mix of veterans and youth.
Turnbull is solid backup option if Cech were to go down injured at goalkeeper.
In defense, Ivanovic can play any at any position in the defense and Luiz could be used for the less important matches, like the Capital One Cup and FA Cup.
Romeu is still developing and will eventually be the long-term replacement for Mikel in the defensive midfield.
The attacking trio on the bench will be decided by which forward gets sold to help fund the Falcao move.
Fernando Torres could be the odd man out as reports linking him back to Atletico Madrid in exchange for Falcao are beginning to come out in the press.
That would leave Marin, Moses and Sturridge to come off the bench which is not a bad trio to have but it is clear that they are not on the level as the attackers that will be in the starting 11.
Who do you think should be in the starting 11 at Chelsea with Falcao?
Leave comments below or discuss with me on Twitter @JTansey90.