The Atletico Madrid forward joins the Porto duo Joao Moutinho and James Rodriguez who cost the French side £60 million as well as 35-year-old Ricardo Carvalho who joined on a free. Newly promoted Monaco have now spent well over £100 in an attempt to secure the clubs future in Ligue 1.
Falcao, 27, has been targeted by the biggest clubs in Europe but has chosen Monaco after the French side triggered his £50 million release clause. Falcaos contract has a built in release clause which will allow him to leave the side during his first year at the club meaning Falcao could end up at a top club if things dont go to plan in France.
Falcao has spoke on Colombian radio station W radio, he said:
"Im very grateful for these two years at Atletico Madrid."Falcao will be sorely missed at Madrid having scored 70 goals in 88 games for the Spanish side. Falcaos constant solid performances has led him to be on the top of several European teams wanted list, but despite the interest Falcao has shunned Champions League football and is headed for Monaco.
Jorge Mendes, the agent of the Columbian and Monaco owner Dmitry Rybolovlev will finalises the deal in the near future. Once the deal is completed he will earn £8.5 million per season after tax, three times more than his current deal with Spanish side Madrid.