The striker insists he did not move to the Ligue 1 side for financial reasons and hopes to see compatriot Fredy Guarin join him at the club.
The Ligue 2 champion, backed by the riches of fertilizer tycoon Dmitry Rybolovlev, stunned European football when the club signed the Colombian star from Atletico Madrid in a 60 million euro deal, fending off interest from the likes of Chelsea, Manchester City and Real Madrid.
Falcao, however, has stressed his move was not motivated by money, insisting he is relishing the prospect of the challenges which lie ahead for Claudio Ranieri's side.
"I went to Monaco because I was seduced by their long-term project and because I love challenges," the 27-year-old told El Heraldo.
Having also signed Porto duo Joao Moutinho and James Rodriguez, Monaco has now reportedly set its sights on Inter midfielder Fredy Guarin, and Falcao admits he would be thrilled to see his former club teammate and compatriot move to Stade Louis II.
"His arrival at Monaco would definitely make me happy," he continued. "Both because I know what kind of player he is, and because with him and James Rodriguez I have already done great things at Porto. Moreover, it would be a good news for the national team [of Colombia]."