Radamel Garcia added that should the Spanish champions not make an approach, then the 26-year-old would be interested in playing in the Premier League.
"His dream is to play for Real Madrid," Garcia told the programme El Gran Debate de Todelar. "Since he was a boy, he has wanted to play there.
"Other teams in Europe like Chelsea and Manchester City were interested in him. If he can't play for Real Madrid, then he'll play for a team in England."
Garcia did not attend Atletico Madrid's 4-1 UEFA Super Cup victory over Chelsea last Friday in which his son scored a hat-trick.
"He didn't know if he was going to be sold or not [during the game]," he said.
"Of course he wants to play at the 2014 World Cup [for Colombia], but most of all, he wants to go to Real Madrid.
"He will change teams at the end of the year."
Falcao joined Atletico from Porto last summer and scored 24 goals in La Liga in the 2011-12 season.