Falcao only joined Ligue 1 side Monaco last summer from Atletico Madrid but rumours that he could be in line for a sensational move to the European champions have continued to grow in recent weeks.
And Carvalho, who spent three seasons with Madrid from 2010 until 2013, feels Falcao could prove to be the "missing piece" in Carlo Ancelotti's attacking line-up should he opt to join the club this summer.
"I think Falcao is the missing piece that would make Madrid's attack perfect," Carvalho told AS. "Cristiano is the best player in the world, Bale is very good and Falcao is the best striker.
"Cristiano, Bale and Falcao would be the most feared attacking trio in the history of football. I am a defender and I would not want to face them."
Carvalho also believes Falcao is the only player who can rival Ronaldo in terms of his worth ethic as a player in the modern game.
"Everyone knows that Cristiano is the best player in the world, and the most professional," he continued.
"In terms of professionalism, Falcao is the player who is the closest. He will have a very long career because of the care he takes."
Finally, the former Chelsea man spoke of his own impressive season in Monaco and his disappointment at missing out on Portugal’s World Cup squad.
"[Missing out on the World Cup] was the greatest sorrow in my career. I am very sad, and also by the elimination of Portugal," he added.
"I think I've been at a high level, but I'm sure the next [season] will be even better and Monaco will surprise many people."
The Seleccao were knocked out in the first round following a defeat to Germany, a draw with the United States and a victory over Ghana.