The duo will come up against one another on Tuesday in a vital World Cup qualifier and the Paris Saint-Germain forward has warned his team-mates of the threat his Monaco counterpart poses.
"I think Falcao is one of the best strikers because of the way he plays, more than simply being a player with a lot of class, to define a game, a style of play," he told reporters.
"He's proven that he's a player who works hard, he's very strong both tactically and technically."
Cavani and Falcao both moved to Ligue 1 over the summer, with the former leaving Napoli in a €64 million deal the latter joining from Atletico Madrid for €60m.
Colombia sit second in the South American section of World Cup qualifying, with Uruguay currently in fifth, seven points behind their opponents.