The 28-year-old forward tore knee ligaments in Monaco's 3-0 Coupe de France win over Chasselay in January and has not featured since.
However, the striker has earned a place in Jose Pekerman's provisional squad and the 64-year-old insists that he will delay as long as possible before naming his final party of 23, which he must do by June 2.
"I'll wait until the last day, until the last hour, the last minute," the Argentine coach told the press.
Colombia will be making their first World Cup appearance since 1998 when they take on Greece in their Group C opener on June 14 and would sorely miss Falcao should he not be fit, with the striker having scored 20 goals in 49 games for his country.
The former Atletico Madrid forward is hopeful of taking part in this summer's competition, revealing earlier in May that his recovery was progressing well.
"I'm thinking of my knee, nothing else," Falcao told Marca. "I'm thinking of recovering, everything going well and playing at the World Cup."
Colombia play Senegal on May 31 and Jordan on June 6 as they warm up for their World Cup campaign.