The Argentine coach has showered praise on his team's superstar, considering him to be on the same footing as the legendary Real Madrid and Tricolor striker
The Colombian notably netted a double in Los Rojiblancos' Europa League success over Primera Division counterparts Athletic Bilbao last season, while his hat-trick in the first half against Chelsea during the European Super Cup stole the show.
Also scoring for his country on Friday in their World Cup 2014 qualifier against Uruguay, the 27-year-old left Simeone with only one player to compare his club's talisman with.
"For me, Falcao is as good as Hugo Sanchez, or even better," applauded the Argentine to AS.
"While Hugo was very much Hugo, Falcao has the great virtue of trying to come out better in every match compared to the previous one."
"He has voracity and an intuition in the area that I've only seen in Hugo Sanchez. As a finisher he's like Hugo, but he's even more complete.
"I've known Radamel since his time at River Plate, and I'm sure that he'll keep on growing; that he'll become a world No.1. I have complete faith in him."
The striker has already repaid his coach's trust by netting three goals in two appearances for Atleti in the Spanish top flight thus far.