Falcao, who scored 38 goals last season as Porto won an eye-catching treble, was reportedly a target for new Blues boss Andre-Villas Boas, who himself made the switch from the Estadio do Dragao this summer.
Still scoring: Radamel Falcao has been finding the net at the Copa America with Colombia this month
A release clause of 30million euros had been in place, a figure that has now been raised to 45million euros, or nearly ?40million.?
The Colombian striker, who had also been linked with Atletico Madrid, is now contracted to the club until the end of the 2015 season.
Dream team: Falcao helped Porto to a Europa League triumph under Andre Villas-Boas last season
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Source: Daily Mail
Source: Daily Mail