The Colombian striker has been a huge hit in Spain since joining from Porto in 2011 as he scored 36 goals in 50 appearances for Los Colchoneros.
Goal.com exclusively revealed that Manchester City boss Roberto Mancini has placed the 26-year-old at the top of his summer transfer list after cooling his interest in Arsenal’s Robin Van Persie.
However, Atletico sporting director Jose Luis Caminero has poured cold water on the speculation, insisting that Falcao will remain at the club next season, despite the lure of Champions League football elsewhere.
"Falcao will remain at Atletico Madrid and any talk of an exit is misplaced. The club has very clear ideas on this," the official told AS.
"The striker will remain with us next season and we are not considering any other possibility," Caminero concluded.