Falcao, who turns 30 next week, hasn't played for the Premier League champions since October 31 due to a thigh injury and will miss Chelsea's last-16 tie against French side Paris Saint-Germain.
The Colombian was though included in the Blues' Premier League squad, despite having netted just once during his season-long loan from Monaco.
Last month Monaco ruled out recalling Falcao, with club vice-president Vadim Vasilyev citing concerns over his fitness.
Meanwhile, Brazilian forward Pato was added to Chelsea's European squad list following his arrival from Corinthians last week. The 26-year-old is on loan at Stamford Bridge until the end of the season.