It is believed that the Colombian ace will undergo a medical with the cashed-up French side who gained promotion back to Ligue 1 this season.
Monaco assistant Jean Petit told Radio RCN on Friday: "Yes, we are expecting Falcao and four or five other players of his quality.
"We have spoken and we continue to speak with Falcao and his representatives, negotiations are ongoing. We hope to seal a deal as soon as possible.
"Monaco need a player like Falcao because he can help us a lot and because he can attract other top players, and that's the best way of confirming out project is big and interesting.
"Signing Falcao is a big coup on sporting and media levels for French football."