Falcao has been explosive in the opening weeks of the season.
"For me, Falcao is as good as Hugo Sanchez, or even better," said Simeone.
"While Hugo was very much Hugo, Falcao has the great virtue of trying to come out better in every match compared to the previous one.
"He has voracity and an intuition in the area that I've only seen in Hugo Sanchez. As a finisher he's like Hugo, but he's even more complete.
"I've known Radamel since his time at River Plate, and I'm sure that he'll keep on growing; that he'll become a world No.1. I have complete faith in him."