Atletico snaps up Falcao from Porto

Atletico Madrid secured the services of Colombian striker Radamel Falcao on Friday from FC Porto in a deal that could reach over $65 million.

Falcao is expected to complete a medical on Friday before signing a five-year contract with Atletico, which sold striker Sergio Aguero to Manchester City in July for a fee reported to be around $60 million.

Atletico is set to pay Porto an initial fee of $57 million, with the price potentially rising to over $65 million depending on unspecified factors.

The 25-year-old Falcao helped Porto win the league, Europa League and Portuguese Cup last season as he tallied 38 goals in all competitions, including 17 in the Europa League, setting a new record for goals in a UEFA club competition in one season.

Falcao had signed a contract extension with Porto last month through the 2015 season, but the transfer fee is a record for a Portuguese club and proved too much for Porto to pass up.

In addition to his club exploits, Falcao has scored nine goals in 31 international appearances for Colombia, including two goals in this summer's Copa America.