Chelsea published their squad lists for the remainder of the Champions League and Premier League campaigns on Wednesday and there was no place for the Colombian in their European lineup.
New signing Pato, who joined on loan from Corinthians in January, was included as was Matt Miazga, who signed from New York Red Bulls.
Falcao was one of the most feared strikers in the world when he joined Monaco from Atletico Madrid for around 60 million euros in 2013, but he suffered a serious knee injury months later and has struggled to regain his best.
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He made little impact during a loan spell at Manchester United last season and since arriving at Stamford Bridge in the close season, also on loan, he has scored just once in 11 appearances.
Chelsea, who are 14th in the Premier League, face Paris St Germain in the last 16 of the Champions League.
(Reporting by Toby Davis; editing by Editing by Martyn Herman)
