The Atletico Madrid coach has admitted that it will be hard to replace the Colombian striker, who completed his move from the Spanish capital to Monaco last week
The striker netted 28 goals in 34 Liga appearances last term, and the Argentine has admitted that finding a suitable successor could be nearly impossible.
"Radamel's achievements are incredibly difficult to top," he told Marca. "I don't know if we're going to lose out in his absence. The statistics are irrefutable and Falcao's are extraordinary.
"I would love another forward to be able to come in and get anywhere close to that."
The capital outfit, however, are looking to bolster up their squad not only up front, but in all positions.
"In defence we'll be looking for a player to give us a greater level of competition, the same in midfield and in attack as well," Simeone added. "We need players in all three areas."