The Colombia international has described the pair as 'the two most important players in the world' but feels that the Portuguese ace has the edge.
The Colombia international is a huge admirer of both players, having played alongside them in La Liga for two years before leaving Atletico Madrid for Monaco during the summer.
However, as far as Falcao is concerned, the Portugal international is the slightly superior talent.
"Messi and Cristiano are the two most important players in the world today but, for me, Ronaldo is the best," the 27-year-old striker told El Tiempo.
Falcao only returned to the Monaco lineup just before the winter break after a spell on the sidelines with an injury. Some reports suggested the knock was merely a convenient way of covering up an alleged falling out with coach Claudio Ranieri.
However, the former Porto forward insists that there was no truth in the rumors that he had been dropped and was trying to force through a move away from the Stade Louis II.
"I had a physical problem and it was not convenient to play," he stated. "It was risky. It was not a serious injury, but it could have turned into something worse."