Ballistic conductance through a single atom adsorbed on a metallic surface and probed by a scanning tunneling microscope (STM) tip can be decomposed into eigenchannel contributions, which can be potentially obtained from shot noise measurements. Our density functional theory calculations provide evidence that transmission probabilities of these eigenchannels encode information on the modifications of the adatoms local density of states caused by its interaction with the STM tip. In the case of open shell atoms, this can be revealed in nonmonotonic behavior of the eigenchannel's transmissions as a function of the tip-adatom separation.PACS numbers: 73.63. Rt, 73.40.Gk, 68.37.Ef, 72.25.Mk A deep understanding of the transport properties of atomic size systems is of substantial importance and has received considerable interest, spurred, in particular, by the possible applications of nanoscale conductors in future electronic device technologies. Thanks to advances in scanning tunneling microscopy, it is already possible not only to probe the electronic and magnetic structure of surfaces, but also to explore conduction properties of atomic size systems, such as one-dimensional wires [1], individual organic molecules [2-6], atomic sized contacts [7], or even single atoms [8][9][10][11][12][13]. With regard to the latest case, recent experimental observations by Berndt and coworkers [9,14] revealed a qualitative difference in the conductance behavior depending on whether the STM tip was approaching a clean surface or a single adsorbed atom. Contrary to the sudden and unpredictable jump in the conductance for the clean surface, a smooth and fully reversible transition from the tunneling to the contact regime was observed for Cu(111) and Ag(111) surfaces decorated with Cu, Ag, or Co adatoms. Here an increased bonding of the adatom to the surface, due to a dipolar contribution caused by the redistribution of the surface charge, was believed to play a crucial role [14].The case of magnetic adatoms deposited on nonmagnetic substrates is especially attractive [15] since the characteristic Kondo temperature (T K ) has been observed to be sensitive to modifications of the local density of states (LDOS) at the adatom owing to hybridization of its atomic wave functions with the STM tip [9]. Here we offer yet another LDOS probe. The conductance of the atom-sized contact can be decomposed into contributions from the individual transport eigenchannels. In this communication we argue that the transmission probabilities of these eigenchannels, which in principle can be obtained from the shot noise measurements [16], could serve, in addition to T K , as a sensitive tool to probe the modifications in the local electronic structure of the (magnetic) adatom interacting with the (spin-polarized) STM tip.We present an ab initio study of the tunneling conductance for an STM tip approaching a Cu(001) surface decorated with a single Cu or Co adatom (Fig. 1). Our calculations are based on density functional theory [17] within the screened K...