Chelsea could be set to give up on their pursuit of Atletico Madrid striker Radamel Falcao, according to the Daily Mirror. The prolific Colombian has been linked with the Blues for several months, with reports suggesting that the club were even prepared to pay his £46 million buyout clause.

However, the Mirror now claims that Chelsea owner Roman Abramovich has gone cold on the idea and will instead get the club to pursue cheaper alternatives in the January transfer window. Having spent £50 million on Fernando Torres less than two years ago, Abramovich is still said to be unwilling to give up on the Spaniard eventually providing value for his enormous fee.

With just the unsettled Daniel Sturridge as an alternative to Torres, even if a move for Falcao doesn't pan out, Chelsea re still likely to pursue a striker in January.

The Blues were linked with a move for Marseille forward Loic Remy at the close of the summer transfer window and, according to the Mirror, the France international remains a possibility.

The 25-year-old is capable of playing on the right or as a central striker—versatility that may appeal to Chelsea boss Roberto Di Matteo.

A new name on the Champions League holders’ wanted list, claim the Mirror, is Porto forward Jackson Martinez. An international teammate of Falcao’s, Martinez has been a revelation since his move to Portugal from Mexican club Jaguares. In 11 appearances for the club, the 26-year-old has already found the back of the net on 10 occasions.

With Porto traditionally tough negotiators in the transfer market, though, Chelsea may feel that a move for Martinez does not prove value for money. The Blues were reportedly keen to sign Hulk from the Portuguese outfit in the summer, but Porto’s asking price is said to have led to a break down in the deal.

According to the Mirror, Porto will demand £20 million for Martinez.

It would appear that Chelsea have already sewn up a deal for another South American. ESPN is reporting that Brazilian right-back will arrive from Fluminense next summer. Chelsea garnered 40 percent of the Brazil Under-20 player’s rights when Deco joined on a free transfer from Stamford Bridge back in 2010 and now they have agreed to pay €5.5 million (£4.4m) to secure his full rights.

Wallace, 18, has made 10 starts for the Brasileiro leaders this season and will remain with Fluminense before joining Chelsea next summer, according to ESPN.