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 manager has insisted that he will delay as long a possible before naming his final 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 was quoted by BBC Sport.
Colombia will be making its first World Cup appearance since 1998 when it takes on Greece in its Group C opener on June 14 and will 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 striker has recently expressed his hope of taking part in this summer's competition, revealing earlier this month that his recovery was progressing well.
"I'm thinking of my knee, nothing else," he told Marca. "I'm thinking of recovering, everything going well and playing at the World Cup."
Colombia plays Senegal on May 31 and Jordan on June 6 as it warms up for its World Cup campaign.