The 42-year-old has nothing but praise for his compatriot following his fine form this season, but believes winning the individual award is a bridge too far at the moment
Asprilla is of the opinion that only players from "big clubs" have a chance to win the prestigious individual award, and feels Atletico could face a tough task to hold on to Falcao.
"Winning the Ballon d'Or with Atletico Madrid is impossible. Only players from big clubs like Real Madrid, Barcelona, AC Milan and Juventus win," Asprilla told Cadena SER.
"Falcao was born to score; he's a great finisher, the best around at the moment, like Alan Shearer used to be in my days.
"Radamel is a player that should be playing in the Champions League so Atletico Madrid are going to have big problems hanging on to him. He'll have to go to another club to break records."
Falcao has so far netted nine goals in seven Liga appearances this term.