The 27-year-old's move to join Monaco is close according to the official, who also poured cold water on reports the striker could leave next summer if a clause is triggered
The 27-year-old is expected to ink a four or five-year deal at Stade Louis II on Friday, with some reports suggesting the former Porto forward will have a buyout clause included in his deal to permit interested parties Chelsea or Real Madrid to make an approach next summer.
However, speaking to RMC Sport, Vasilyev confirmed the club were closing in on their man but refuted claims of a clause being included in his deal.
"The Falcao deal is on track, but it is not yet finalised, there are still some details to work out," he said.
"We really hope to sign this great player. He is one of the best in the world and we will be very happy once he arrives.
"There is no clause. There would be no point in signing Falcao for one year. It would not do anything. We are building a team."
The Russian also insisted the Colombia international was motivated by the project being developed in the Principality rather than the financial aspect of his move.
"He strongly believes in the future of AS Monaco," he added. "This is a club with a great story and we've got a project to make a great team. He is very motivated."