Sky Sports understands that Chelsea have not submitted an offer for Radamel Falcao and Atletico Madrid would not be interested in selling their star striker.
Colombia international Falcao joined Atletico last summer after playing a key part in a successful Porto side between 2009 and 2011.
He has continued to enhance his reputation over the past 12 months and scored a stunning hat-trick in the UEFA Super Cup against Chelsea in August.
Reports have suggested that the Blues are now plotting a £45million swoop for the 26-year-old and that preliminary discussions have already taken place about a January move.
However, Sky Sports understands that Atletico have not received a formal bid from Chelsea.
It is also understood that the Spanish club would not welcome an approach as they are determined to keep Falcao and do not want to even discuss selling.