Chelsea target Falcao has extended his contract with Porto by two seasons until 2015.
The Colombia international striker has been prolific since joining the Portuguese team, he has impressed the big clubs in Europe after scoring 73 goals in 85 games plus he managed 17 in the Europa League which was a new competition record.
It was thought that Andre Villa-Boas would make a move for the 25-year-old, but that was when he had a release clause of €30m, but the new deal has since increased that to €45m.
The new figure could lead to the Chelsea hierarchy looking elsewhere for a new striker, maybe even his Brazilian strike partner Hulk.
By Scott Balaam