The 28-year-old, who is widely regarded as one of the best attackers in European football, scored 70 times in 91 matches during a two-year spell with Atletico Madrid from 2011.
The Colombian has also scored 11 times in 19 games for Monaco this season, but is currently nursing a serious knee injury, which the striker has insisted is his main focus.
"Fans I've spoken to in Madrid have been wishing me a swift recovery and say they hope I go to the World Cup," Falcao told reporters.
"Some people ask if I will join Real Madrid. I tell them my only concern is to recover soon. I am realistic, I am aware of my injury and I just want to recover to play with my new club, Monaco.
"I want to be ready for next season if we qualify for Champions League. Now I do not think about anything other than my knee getting better."
Falcao is still hopeful of making the World Cup this summer.