Reported Chelsea target Radamel Falcao signs new Porto deal equipped with £39.5m release clause

Radamel Falcao Garcia , FC Porto

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Porto striker Radamel Falcao has signed a new four-year deal that will keep him at the Estadio do Dragao until 2015, the club have informed the Portuguese stock market (CMVM).

The Colombia international had two years left on his previous contract, which had a release clause of just €30 million (£26.3m) – an acceptable figure for Europe’s elite.

The new contract sees Falcao’s release clause improved to €45m (£39.5), which is likely to force potential suitors to think twice before moving to sign him.

Chelsea have been strongly linked with a move for Falcao after appointing as coach Andre Villas-Boas, who guided Porto to an impressive treble last season.

Atletico Madrid had also been mooted as an interested party, after learning that Sergio Aguero wants to quit the club in the summer.

Falcao, who topped the Europa League’s scoring charts, with 17 goals – a new record in the competition, is currently on international duty with Colombia, who will face Peru in the Copa America quarter-finals.