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Manchester United have decided not to keep Radamel Falcao following the end of his season-long loan from Monaco.
The Colombian, who missed Sunday's 0-0 draw with Hull because of injury, scored just four goals in 29 matches.
United did not take up a reported £43.2m option to buy the 29-year-old, who failed to net in his last 13 games.
"Falcao is a top professional and a good human being. I would like to wish him well for the future," Van Gaal told the club's website.
The former Porto and Atletico Madrid striker's last goal came against Leicester on 31 January.
The South American, who missed the 2014 World Cup after suffering a serious knee injury in January last year, made a point of waving to the United fans when he was substituted in the 1-1 draw with Arsenal on 17 May, in what proved to be his last appearance.
It is the first decision in what is expected to be a busy summer for Van Gaal, who will look to reshape a squad he has consistently said is not balanced
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Chelsea manager Jose Mourinho has given a strong indication that Radamel Falcao could be on his way to Stamford Bridge.
Mourinho has vowed to help the Colombian "reach his level again" after he scored just four goals in his season-long loan at Manchester United.
Falcao has been open about his desire to remain in the Premier League and Sky sources understand that talks are already underway with the Premier League champions about the possibility on another loan from Monaco.