London: Chelsea are ready to swap their 50 million pound Spanish striker Fernando Torres for Atletico Madrid's Colombian striker Radamel Falcao.

Torres joined Chelsea from Liverpool on a record British transfer fee. However he has failed to impress the Chelsea bosses and fans having scored only five goals in 31 appearances for the club.

Chelsea dropped out of the Champions League spot after their latest defeat to Everton in the Premier League.

The Daily Star reported that the Stamford Bridge club has sent representatives to every Atletico game for the past three months to keep an eye on the Colombian striker.

Torres is a reputed figure in Madrid as he captained Atletico for a number of years before his big-money move to Liverpool.

Falcao too would be keen to reuniting with his former FC Porto boss Andre Villas Boas, currently managing Chelsea.

The Atletico Madrid striker has scored 62 goals in 72 games, including 33 in 36 outings under Villas-Boas last season.

Falcao bagged 17 in 14 Europa League games for champions Porto to set a new European scoring record.