Chelsea have confirmed that the two strikers have left the club along with goalkeeper Marco Amelia, who failed to make a single appearance for the club after signing a short-term contract to cover for Thibaut Courtois while the No 1 goalkeeper was injured.
Falcao heads back to Monaco after what can only be described as a disastrous two-year spell in England, having scored four goals for Manchester United and finding the back of the net just once for the Blues in 12 appearances after suffering from injury throughout the 2015/16 campaign.
Pato meanwhile arrived at the end of the January transfer window on a loan deal until the end of the season, with the option to sign the Brazil international on a permanent contract if he impressed. Pato’s time at Stamford Bridge proved to be worse than Falcao’s though, with the former AC Milan striker arriving at the club desperately short of match fitness.
Interim manager Guus Hiddink refused to play Pato until April, when he scored on his debut against Aston Villa, but he would make just one more appearance for the club against Swansea where he was substituted after failing to impress.
An announcement on Chelsea’s official website read: "With contracts having come to an end, we today say farewell to three players who were part of the squad during last season - Falcao, Pato and Marco Amelia," the statement read.
"Chelsea Football Club thanks the players for their contributions and wishes them success in the future."
The decision not to follow up interest in Falcao and Pato with permanent offers has led the club to seek reinforcements in the form of Belgium international Michy Batshuayi and Alvaro Morata of Spain.
The club have already agreed a £33m deal to sign Batshuayi from Marseille, with the forward undergoing a medical on Wednesday while out with the international squad at Euro 2016, while they continue to be linked with Morata ahead of his expected return to Real Madrid – who are likely to sell on the striker in a bid to generate a significant profit on the £23.6m they will pay Juventus as part of a buy-back clause.
Chelsea have also confirmed former Ajax and Netherlands Under-16 prospect Juan Familia-Castillo, who has joined the Premier League side as part of the club’s scholar programme.
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