Monaco forward Radamel Falcao will again be on loan next season to Chelsea, but he may find his permanent destination with the club as the deal includes a "buy option."

It will be a season-long loan, according to reports, as Falcao, 29, heads to Stamford Bridge for the entire 2015-16 season.

Chelsea announced the deal through their website and on Twitter, where they tweeted a warm welcome for the Colombian.

In a report on Monaco's website, the club discussed the permanent transfer option included in the deal.

"AS Monaco officialises the loan of Radamel Falcao to the English club Chelsea FC for the season 2015-16 with a buy option," a statement read.

Falcao is coming off a stint with Manchester United last season also as an on-loan player.

Falcao only had 29 total appearances for United, including 26 in the Premier League, scoring four goals as he continues to bounce back from an ACL injury sustained last January.

In a statement on the club website, Falcao said: "I am very happy to be joining Chelsea and can't wait to start training and help with our aim of retaining the league title and being successful in Europe."

ESPN previously reported Chelsea manager Jose Mourinho's desire to help Falcao return to his old form.

In his statement to DirecTV Sports last month, Mourinho explained: "If I can help Falcao reach his level again, I will do it. It hurts me that people in England think that the real Falcao is the one we saw at Manchester United."

"He played in Spain and Portugal, and I know him very well because I was in Portugal and Spain. In Spain, we were together when he was at Atletico and I was at Real and I know him very, very well ... he is a great player," he added.

Mourinho admitted that at that time, he was unaware if the signing of Falcao was close to happening.