• 28-year-old will move from Monaco, subject to a medical • United to pay £6m for loan fee, plus substantial wages • Javier Hernández moves to Real Madrid on loan • Transfer deadline day – live! • Danny Taylor: where will Falcao fit in at United?

Manchester United have agreed a loan deal for Monaco’s Radamael Falcao, subject to medical and the striker agreeing personal terms. The loan fee is understood to be no more than £6m, with the club having the option of a permanent deal for the player at the end of the season.

The 28-year-old is due to fly to Manchester on Monday for a medical and to sign off on a deal that would take United’s summer spend to over £160m.

Falcao has recently returned from a serious knee injury that ruled him out of Colombia’s World Cup campaign and his expected arrival is further signal of United’s intent to regain a Champions League place, at the very least. The striker is on £300,000-a-week at Monaco, although United are not expected to cover the full amount.

United had been considering a move for Falcao since Louis van Gaal’s arrival at the club, but had not thought of his signing as a priority. However, with interest from Manchester City and Arsenal building, United have moved to secure the Colombian.

With Van Gaal playing a two-striker system that has Wayne Rooney and Robin van Persie as the first-choice forwards, how Falcao fits into the side is yet to be determined.

The manager may feel that given Van Persie’s chequered injury record he requires another elite striker in Falcao. Van Gaal may also decide to change the formation to 4-3-3 that would have Van Persie, Falcao, and Rooney up front or move the latter into midfield.

Falcao’s arrival has triggered the departure of Javier Hernández, who was pictured having a medical at Real Madrid and will move to Spain on a season-long loan. Real have first buying option on the striker at the end of the season.