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Radamel Falcao transfer latest: Manchester United, Arsenal and Manchester City linked with blockbuster move

Monaco striker could move for a £55m fee or £20m loan

Radamel Falcao is a wanted man on transfer deadline day and should the Monaco striker move it will have major repercussions for several other deals.

Arsenal and Manchester City are both reported to have been offered the 28-year-old for £55million by super Agent Jorge Mendes while Manchester United fans have awoken to the news that Falcao, according to sketchy reports in Colombia, has agreed a €65m (£51.4m) move to Old Trafford.

Real Madrid are also in the chase but because of Uefa's Financial Fair Play the European champions - who lost went 2-0 up against Real Sociedad before losing 4-2 last night - are exploring the possibility of taking Falcao on loan package for around £20m.

Video: The latest transfer news

Manchester City are also looking at that option; under FFP they are allowed to spend £49m net this summer and have so far spent around £24m after the sales of Javi Garcia, Jack Rodwell, Gareth Barry and others - several other members of City's squad could yet move.

Alvaro Negredo is heavily linked with a move to Valencia in Spanish press, though they would likely have to secure a loan deal with an option to buy next summer, while Matija Nastasic, Micah Richards and Scott Sinclair could also move to raise the necessary funds for a large fee.

City's director of football Txiki Begiristain may have discussed a move for Falcao with Monaco chiefs during the Champions League draw. The Premier League champions were installed as the bookies favourites last week and several even stopped taking bets on the transfer. But Falcao was never a priority for the club and a deal may not go through.

Falcao is believed to prefer a move to Real Madrid and despite the sales of Angel Di Maria, Xabi Alonso, Alvaro Morata and Nuri Sahin, they have spent more than €120m on Toni Kroos, James Rodriguez and Keylor Navas. Falcao claimed he had been hacked when "Hala Madrid" appeared on his official Twitter feed over the weekend.

Madrid are also being linked with a much cheaper loan move for Manchester United striker Javier Hernandez.

With injury keeping Olivier Giroud out until at least December and Arsene Wenger announcing he will be "active" in the market on deadline day, Arsenal have also emerged as a contender for the Colombian.

Yaya Sanogo started up front for the Gunners against Leicester City but Arsenal only managed to draw 1-1 with the newly-promoted club; the young Frenchman struggled in the game prompting fresh calls for Wenger to take action.

But after the game Wenger stated that there was no "miracle man" he could bring to north London to solve Arsenal's provblems. The club had been linked with a move for QPR's Loic Remy but Chelsea secured his signature on Sunday night.

A couple of Colombian reports emerging overnight state that Falcao has agreed a deal to join Old Trafford, but they are pretty unsubstantial.

As well as Hernandez possibly on the way out of Old Trafford, Danny Welbeck may be another striker to leave the club. The England man is being linked with Tottenham and Arsenal, as well as a number of other Premier League clubs - he could be available for a £5m fee.

Louis van Gaal is expected to be busy with a number of players linked with moves in and out after a poor start to the season.

Juventus are also interested in a loan deal for the striker and have lodged a £16m offer according to the Italian press.

Falcao scored 11 goals in just 19 matches for Monaco last season after his £50m move from Atletico Madrid. In the previous four seasons for Atletico and Porto he scored an incredible 142 in 187 matches. Falcao already has two in three matches in Ligue 1 this season.