Ricardo Carvalho joins Monaco and Radamel Falcao may follow

Ricardo Carvalho

Monaco have signed Real Madrid defender Ricardo Carvalho and French media reports say Atletico Madrid striker Radamel Falcao will be next for £50m.

Former Chelsea centre-back Carvalho, 35, has agreed a one-year deal.

And 27-year-old Falcao, thought to be a target for Chelsea and Manchester City, also looks set to join Monaco.

The French second division champions, backed by Russian Dmitry Rybolovlev, have already spent £60m on Porto duo Joao Moutinho and James Rodriguez.

Billionaire Rybolovlev bought a majority stake in seven-time French champions Monaco in December 2011.

The 46-year-old, who is 119th on the Forbes rich list and reported to be worth around £6bn, made the bulk of his fortune from the sale of his stake in Uralkali, Russia's largest producer of potassium fertiliser.

Rybolovlev says he is a "passionate football fan" and wants to help Monaco realise "their potential, both domestically and in Europe".

Carvalho, who won 75 caps for Portugal before his retirement from international football in August 2011, has joined on a free transfer.

He links up with former Chelsea manager Claudio Ranieri, who steered Monaco back to Ligue 1 having been appointed in May 2012.

"I'm very happy to join Monaco and to be part of the new adventure. This is a new challenge for me," Carvalho said.

According to media reports in France, Monaco are also said to have met a £50m buyout clause for Falcao, with the player set to have a medical and agree a five-year deal worth £8.5m a season.

Colombia international Falcao has scored 70 goals in 88 games for Atletico since moving to Spain from Porto in August 2011.

His current club manager Diego Simeone said there was "still nothing official" on whether Falcao will leave Atletico, although he indicated he would not stand in the player's way should he want to move.

"Whatever happens to Falcao I will be happy," Simeone said. "I've known him since we were at River Plate. That was for a year, and now a year and half at Atletico. He has helped us win titles.

"If he has to leave, I thank Falcao for all that he's given us."