The duo will come up against one another on Tuesday in a vital World Cup qualifier and the Paris Saint-Germain forward has warned his teammates of the threat his Monaco counterpart poses.
"I think Falcao is one of the best strikers because of the way he plays, more than simply being a player with a lot of class, to define a game, a style of play," he told reporters.
"He's proven that he's a player who works hard, he's very strong both tactically and technically."
Cavani and Falcao both moved to Ligue 1 over the summer, with the former leaving Napoli in a 64 million euro deal the latter joining from Atletico Madrid for 60 million euros.
Colombia sits second in the South American section of World Cup qualifying, with Uruguay currently in fifth, seven points behind its opponent.