Atletico Madrid manager Diego Simeone has opened the door for a potential part-exchange deal this summer involving Radamel Falcao and Fernando Torres.

Falcao is believed to be Chelsea’s top transfer target on the back of another prolific campaign. Meanwhile, Torres has again failed to come close to living up to his £50 million price tag this campaign and it is believed that Chelsea owner Roman Abramovich will cut his losses on the Spanish striker at the end of the season.

Torres came through the youth ranks at Atletico and there has been speculation that he could head back to the Vicente Calderon.

“Fernando knows the history of Atletico Madrid, he knows what it means to play for this club,” Simeone told Spanish radio station Onda Cero. “I don't need to speak about his ability as we were team-mates. I know how important he can be.”

As for the possibility of Atletico holding onto their star striker, Simeone was non-committal.

“It's complicated,” he revealed. “I wouldn't like to say yes or no. He's a player who always performs and we have to respect his choice.”

According to the Daily Mail, any deal that would see the pair switch clubs would only value 29-year-old Torres at £10 million. Falcao has a buyout clause of €60 million (£51m).

Chelsea have also been linked to another of the world’s leading strikers in Edinson Cavani and the Daily Mirror reports that there is still interest in the Napoli star from the Blues and Manchester City.

Although he has recently had a dip in form, the Uruguay international has still struck 20 goals in 26 Serie A matches this season. Napoli are known to be desperate to hang onto Cavani, but the 26-year-old conceded that there was a chance that he could move on.

“Football is a business,” he told Uruguayan publication El Observador. “In Napoli I am fine as I have the love of the fans, but in football you never know where you play in the future.

"Much also depends on the club and the decisions of the president."

Another leading transfer target for Chelsea this summer is believed to be Everton midfielder Marouane Fellaini. The Daily Star reports that the Blues tried to bring the Belgium international to Stamford Bridge in January, but remain keen to recruit him in during the close season.

There have been reports that Fellaini has a clause in his contract allowing him to join a club in the Champions League for around £25 million. The 25-year-old recently reacted angrily to criticism from Everton’s fans during their FA Cup quarterfinal defeat to Wigan, sparking further speculation of a summer exit.

In other news, the Daily Mirror has claimed that Chelsea are poised to launch a £7.5 million move for Southampton right-back Nathaniel Clyne. The England Under-21 international joined the Premier League side from Crystal Palace last summer.

However, with Cesar Azpilicueta ensconced in the right-back slot at Chelsea, it is difficult to see Clyne joining as second choice.