Radamel Falcao Monaco
Radamel Falcao could yet make a move to ArsenalReuters

Arsenal are set to hold talks over a summer move for Radamel Falcao with the player's agent and Monaco.

With the Champions League draw being held in Monaco on Thursday, representatives from Arsenal were expected to hold talks with the French club and Falcao's agent Jorge Mendes over a possible move, according to Italian journalist Nicolo Schira.

Arsenal, though, will have competition from Real Madrid and Juventus, with the Spanish and Italian clubs' representatives also keen on exploring a move for the prolific Colombian.

"Arsenal, Juve and Real Madrid are very interested in Radamel Falcao. Tomorrow in Monte Carlo they'll meet Monaco and Jorge Mendes," Schira said.

Reports have suggested Falcao has been made available by Monaco on loan, but only if clubs are willing to pay a massive £20 million loan fee.

Falcao is apparently keen on a move to Real Madrid, but feels he will have to wait until next summer to be able to complete a permanent switch.

Of course, if Real Madrid, who have already raided Monaco for James Rodriguez this transfer window, change their minds and decide to bring in Falcao for this season, it opens up another possibility for Arsenal, with the chance of signing one of their long-term targets in Karim Benzema improving.

Benzema only just signed a new long-term contract with Real Madrid, but then contracts mean very little nowadays, don't they? Arsene Wenger is unlikely to shell out £20 million for a loan move for Falcao, and the manager admitted the striker was out of Arsenal's price range.

Many will say £20 million for a single season for Falcao is not that bad an option, considering the goalscoring prowess of the Colombia international, but convincing Wenger is another thing altogether.

However, if Real Madrid firm their interest in Falcao, and a deal is completed in the next couple of days, then a move for Benzema might just be a possibility.

Wenger is a big fan of Benzema, even if he has said he doesn't believe the Frenchman and his compatriot Olivier Giroud being in the same club is not the greatest of ideas. With Giroud injured until possible 2015, Arsenal could use a potent central striker, and they don't come better than Falcao and Benzema.