Lingard will come face to face with former Manchester United teammate Falcao in the last-16 clash, with the latter spending the 2014-15 campaign on loan with the Red Devils.
The 32-year-old only managed four Premier League goals during a disappointing spell at Old Trafford, but struck 24 goals in all competitions for Monaco last term, and has been key for Colombia at the World Cup.
"He's a great finisher. In and around the box, he's lethal. We will be aware of that," Lingard told reporters.
Falcao has found the back of the net on 30 occasions in 76 caps for the Colombia national team.