The former Atletico Madrid, Chelsea and Manchester United forward is back on top form with Monaco, having scored 21 goals in 31 appearances across Ligue 1 and the Champions League last term.
Falcao's form has led to interest from the legendary Italian club, which the 32-year-old has deemed "an honour", and Asprilla appears to have given the prospective move his seal of approval.
"Falcao is a hitman. Everyone he played, he scored goals," Asprilla told Tuttomercatoweb.
"If he were to join Milan, he would do great things there too. He's a great player and an icon of Colombian football."
Asprilla, 48, spent much of the 1990s in Serie A with Parma.