Falcao also said that the club's ambition to challenge for the league and the Champions League made Monaco the right choice.
"There were several factors," he told Ligue1.com. "I really liked what the club president Dimitry Rybolovlev had to say.
"The club has lofty ambitions - we want to play for the Ligue 1 title and get back into the European scene.
"But above all, the club's directors told me it would be a team built around me, and obviously that counts for a lot. I felt that the club have a lot of confidence in me and that's very important."
Monaco won Ligue 2 last season to get promoted to the top flight.