Chealsea Targetted striker Radamel Falcao set to join French big-spenders "Monaco" for £51m as Carvalho arrives for free

Atletico Madrid striker Radamel Falcao has become the latest superstar to join newly-promoted big spending Ligue 1 club Monaco after passing a medical at the club. Hot on the heels of the capture of Porto duo Joao Moutinho and James Rodriguez for around £60million on Friday, Monaco have splashed the cash again, offering the Columbian a four or five-year deal with the club, and securing Ricardo Carvalho's signature on a year-contract with the option of an additional year. In addition, 27-year-old Falcao's contract will have a get-out clause which will allow him to depart during the first year of his career at the club, Spanish newspaper AS revealed. Jorge Mendes, Falcao's agent and Monaco owner Dmitry Rybolovlev will thrash the remaining terms of the agreement. Atletico, who Falcao spent two seasons with and scored 70 goals in 88 games, will bank more than £50m from the deal, which is the striker's buy-out clause. One part of the contract which has been ironed out is Falcao wages - he will earn £8.5m per season after tax, tripling his current deal at the Vicente Calderon. The deal will no doubt come as a blow to Chelsea, who have been linked with the forward ever since he scored a hat-trick against the Blues during Atletico's 4-1 Super Cup final win last season.  Meanwhile, Falcao thanked Atletico Madrid for his successful stint at the club. Falcao told Colombian radio station W radio: ‘I’m very grateful for these two years at Atletico Madrid. ‘I never expected to win three titles in so short time, this has been like a dream. 'Yesterday I lived a very emotional moment I had never lived before with the fans and a club. ‘I will never forget it and I don’t know how to give them thanks. ‘Right now, I can’t talk about my future, there will be time later.’ Carvalho, 35, was out of contract after three seasons at Real Madrid and therefore arrives for free. 'It's an exciting league,' he said. 'I'm very happy to join AS Monaco FC and to be part of the new adventure. This is a new challenge for me.'