Manchester United have been linked with a sensational swoop for Atletico Madrid hotshot Radamel Falcao.

According to Spanish newspaper Generaccion, United are considering a move for the Colombian to boost their hopes of competing with big-spenders Manchester City and Chelsea. The rumor was also posted on United's official website under the Gossip section.

United have recently been pretty frugal in the transfer market, with American owners the Glazer family having incurred a debt of over £450 million ($700 million).

However, Sir Alex Ferguson is desperate to make a statement in the transfer market with the likes of City and Chelsea, especially, ready to go on a spending spree.

United fans have voiced their concerns over the club's financial capabilities in the transfer market, and if the Red Devils pull off the move for Falcao, it will be seen as an incredible coup.

However it is highly unlikely that the Glazer family will sanction such a deal as Falcao is expected to cost well over £40 million ($62 million).

Atletico Madrid recently said the 26-year-old would not be sold at any price. "Falcao will remain at Atletico Madrid and any talk of an exit is misplaced," sporting director Jose Luis Caminero told Spanish newspaper AS. "The club has very clear ideas on this.

"The striker will remain with us next season and we are not considering any other possibility."

United already have Wayne Rooney, Javier Hernandez and Danny Welbeck in their books, while Dimitar Berbatov is expected to leave.

The Old Trafford club have also been linked with a move for wantaway Arsenal striker Robin Van Persie, and that deal looks like a more viable one, given United's current financial situation.

United's rivals, Manchester City, however, are considered the favorites to land the Dutch striker.

Meanwhile, United are ready to step up their interest in Leighton Baines with the club putting in a £16 million bid for the Everton left-back, according to the Daily Star.

Ferguson is looking to bring in a fullback to give competition for Patrice Evra and has turned his attention towards Baines after losing out on the signature of Jordi Alba, who chose to join Barcelona.