Los Che travel to the capital to face Diego Simeone's side this weekend, and Valverde has warned that Brazilian Costa could prove more of a threat than the Colombian hitman.
“It seems we all know the characteristics of our opponents," said the 49-year-old coach in his pre-match press conference.
"We will try to counter Falcao and Diego Costa and the intensity of Atletico, but it is not always possible.
“Diego Costa is in great form. He can lead the team, as can Falcao, but he also has the ability to not lose the ball.
"Perhaps he is even a bit better than the Colombian."
Valverde added his belief that Simeone has instilled much of the competitive nature of his playing days into the current Atletico side, who currently occupy third place in the Liga table.
"He was a tough player who gave so much character to Sevilla when I confronted him on the pitch," he said of Simeone.
"The impression I have of him and Atletico is they are a translation of Simeone as a player."
Valverde acknowledges that catching Atletico in the table is all-but impossible, insisting he is focused on the fourth and final Champions League spot.
“Even if we win they will have a 12-point lead. It will be very difficult, almost impossible [to catch them]," he added.
"I am thinking towards fourth place, that is what we are fighting for.
"To be third, we would have to do everything perfectly and hope that they suffer a meltdown."