The 27-year-old's move to join Ligue 1 is close according to the the club's CEO, who also poured cold water on reports the striker could leave next summer if a release is triggered
The 27-year-old is expected to ink a four or five-year deal at Stade Louis II this week, with some reports suggesting the former Porto forward will have a buyout clause included in his deal to permit interested parties Chelsea or Real Madrid to make an approach next summer.
Vasilyev confirmed the club were closing in on their man but refuted claims of a release clause being included in his deal.
"The Falcao deal is on track, but it is not yet finalised, there are still some details to work out," he told RMC Sport.
"We really hope to sign this great player. He is one of the best in the world and we will be very happy once he arrives.
"There is no clause. There would be no point in signing Falcao for one year. It would not do anything. We are building a team."
The Russian also insisted the Colombia international was motivated by the project being developed in the Principality rather than the financial aspect of his move.
"He strongly believes in the future of AS Monaco," he added. "This is a club with a great story and we've got a project to make a great team. He is very motivated."