Torres has found form during recent matches, with four goals in his last three Europa League ties, and will lead the line against Basel in Thursday night's semi-final first leg.
Goal.com exclusively revealed that Chelsea and Manchester City target Falcao would command a wage making him the highest paid player in the Premier League.
After Chelsea paid £50 million to take Torres to Stamford Bridge, the striker says he is ready to prove his worth next season, and insists he would welcome the challenge Falcao joining the club would pose.
|11/2||Fernando Torres is 11/2 with William Hill to score first in the Europa League semi-final first leg
"You cannot stop that - especially when the summer comes. Every player is welcome at Chelsea, every top player.
"Since I came to Chelsea, only top players have come, so it would not be a surprise if we signed Falcao."
Torres is yet to recapture the impressive form he enjoyed under current Chelsea boss Rafa Benitez whilst at Liverpool, where he scored 81 goals in 142 matches.
The 29 year-old Spaniard has not scored a Premier League goal for the club since December, but insists that he can still impress Chelsea fans.
"I have still not been at the level I want to be," he admitted. "Hopefully the Chelsea fans have not seen the best of me at the club. I hope there's more to come.
"In the Premier League this season, our opponents have played much deeper. It's been more difficult for a player like me, but very good for players like Juan Mata, Eden Hazard and Oscar.
"I just have to adapt. I've been changing my style a lot. Hopefully next season is going to be much better because I know the club have hopes of me and trust in me."