The outcome was that Atletico felt they would be unable to match any deal Chelsea offer the Colombian, and had much worry about him leaving this summer.
The news comes from popular Spanish paper Marca who run the headline this morning: Falcao tells Atlético he isn't joining Chelsea.
It does not provide quotes, or state reasons why, only adding that the striker recently made a similar statement about Real Madrid.
This could potentially strengthen claims the striker could be Manchester City-bound. And then there is PSG likely to be interested too.
The issues discussed in the Atletico board meeting remain the same, if Falcao is handed a big offer then they won't be able to match it, but he does have a contract with the club until 2016 and they are in a relative position of strength despite talk about £48 million release clauses.
The decision will rest ultimately with Falcao, because there will be offers for him in the summer, and he will have to decide.
Quite why he has decided against Chelsea is unclear, but perhaps it is not quite the end of the matter just yet. There are plenty of months until the summer and a few twists left in this one to come.
What do you make of Marca's report?