The Cafeteros legend says the Atletico Madrid star has become the poster boy for the county and is enthusiastic about the prospect of World Cup qualification
With Jose Pekerman's side currently looking likely to qualify for the 2014 World Cup, the 51-year-old is optimistic for the future, thanks to the likes of the former River Plate man and James Rodriguez.
"Colombians as a whole, are very proud of what [Falcao] is achieving," he told Fifa.com.
"He battles hard, scores goals and he’s the team’s figurehead. Before, personally, I couldn't wait for the weekend to watch Messi and Cristiano Ronaldo. Now I look forward to seeing Falcao too.
"He’ll keep on scoring goals, he’s flying the flag for Colombian football at the moment and we’re going to have the pleasure of watching him at the next World Cup in Brazil.
"James has done a really good job," he continued. "I’m one of the people in Colombia who really admires him, who always defends him.
"This is a lad who went to Argentina and won a championship with Banfield, and is now a first choice at Porto. He has made a difference and he has not been weighed down by the senior national-team jersey.
"We can rest easy because he’s only just getting started: we have got a quality player for a long time to come. These players have been abroad a long time and that gives them a bit more international experience.
"I think this generation has the edge on ours because of that. I hope they can prove it by taking the national squad to World Cups, like we did."
Jose Pekerman took the reins of the national team in January 2012, and Valderrama is delighted with the Argentine's work so far.
"He’s a football man, who can play the game and who, in his own way, has given Colombian football its identity back," he added.
"The players have adapted to him and are getting the results that Colombia and the world like to see. And they've not just won games, they've done it by playing good football.
"Let’s hope we can keep going like this and make every Colombians’ dream come true, by reaching the World Cup again."