First steps: Chelsea reciprocating Falcao interest; talks have started

Having failed so spectacularly at Manchester United, Falcao's looking for a fresh start and another chance.  Meanwhile, Monaco are looking to offload him (again), thanks to his enormous contract.  This is where Chelsea come in, apparently.  Just a few days after the player's desperate plea, the Blues are apparently willing to explore this option.

@grcar12 yes, Chelsea is in talks for Radamel Falcao. He could be a target, contacts are started. Let's see if they'll bid soon #CFC

— Fabrizio Romano (@FabrizioRomano) May 29, 2015

So no bid yet, but there's been contact and talks have started.  The Oracle of Di Marzio ran with the same story not long after (both in Italian and in English).

Radamel Falcao's future could be still in England and in Premier League. [...] Josè Mourinho, Chelsea's manager, appreciates his qualities. Falcao is a concrete Blues target for the next transfer market window and the parties have already started to talk.

-source: Gianluca Di Marzio

Falcao's sizable contract with Monaco would require some fancy financial maneuvering to make this whole deal palatable, though our transfer brain-trust did manage to sort out the whole Fernando Torres situation eventually, so perhaps we're better equipped than most to deal with such conundrums.  Whether the fans are equipped to deal with another potential Fernando Torres situation is an entirely different question.