The Colombian international has impressed in the past few seasons to attract attention from top clubs across Europe including rivals Real Madrid, Chelsea and Manchester City.
Falcao, 26, has netted eight goals in six games to put Atletico on par with Barcelona on top of the La Liga table. The former Porto hitman is equal in goals tally with Barcelona's Lionel Messi and Real's Cristiano Ronaldo.
Falcao has played a crucial role for the national side, recently scoring both goals against Paraguay in a 2-0 World Cup qualifier on Friday.
The 26-year-old could be moving out of Vicente Calderon during the January transfer window as some of the top clubs across Europe are ready to activate his £45 million buy-out clause.
Former Argentine and Atletico midfielder Simeone praised his No. 9 and said: "Radamel has worked for this moment, everything that is happening is a consequence of what he gives to football. I hope he can continue along this line because his best virtue is his character and his desire."
"He is definitely the best No. 9 in the world," he said.