The Colombian has scored 13 league goals for Atletico this season and his form is a result of the striker's work ethic, according to his manager.
Simeone said: "He deserves everything he is getting because of his hard work, character, ambitions and belief. That's what's taken him where he is right now.
"We are happy to have a striker like him among us because football is all about transmission and he transmits positive energy. I just hope he keeps on going."
Madrid are currently level on points with Barcelona at the top of La Liga.