Jose Mourinho later admitted there had been interest, but fear of over-spending and incurring the wrath of UEFA landed up with the club walking away as he joined Monaco instead.
Now after an injury curtailed first season in Ligue 1, Falcao is widely reported to be available - on a season long loan, although the catch is any side will have to pay his £10 million plus wages in full.
Liverpool had been linked with the Colombian striker before setting their sights on Mario Balotelli, and both Juventus and AC Milan are eyeing the possibility of signing the forward, cite reports in Italy.
Yet if Chelsea really want to give Falcao a proposal to think about, theirs could just be the most attractive out there.
Mourinho said earlier this year: "I have a team, but no striker. Falcao does not have a team. A player like him can’t play in front of 3,000 people," when taking a dig at Monaco's low crowds.
The Blues have since signed Diego Costa, scorer of two goals in his opening two Premier League matches, but in Fernando Torres, he has a striker now third choice behind 36-year-old Didier Drogba who is out of favour despite his denials.
If Chelsea can find a way to do a deal for Falcao, it would be a move which almost guarantees them, combined with the wealth of talent in the rest of their squad, the Premier League title.
Falcao netted the winner for Monaco last night against Nantes, making it two in three for the season.
Torres' ability to contribute meaningfully is questionably, and for Chelsea the gamble of spending on one season of his wages is worthwhile.
Signing him permanently would be more investment and carry more risk, considering his injury history. If Monaco really are making him available for loan, it's a no-brainer for Chelsea to enquire, and even offer Torres up in the other direction.