The Premier League champions are understood to have agreed a deal to land the former Atletico Madrid ace - who spent the 2014-15 season on loan with the Blues' rivals Manchester United.

And Cuadrado, who arrived at Stamford Bridge in January, has hinted that his Colombia team-mate has already signed on the dotted line.

He said: "It's important to have a team-mate like him at the club but now I'm concentrating on the Copa America and will talk about it later."

NEW BLUE: Falcao is on the verge of joining Chelsea [GETTY]

Falcao, 29, had a difficult debut season in England and only amassed four goals in 29 appearances for United.

But despite his poor campaign with the Red Devils, Blues chief Jose Mourinho is keen to get the best out of the former Porto star.

"If I can help Falcao reach his level again, I will do it," Mourinho said.

"It hurts me that people in England think that the real Falcao is the one we saw at Manchester United."