L’Equipe report that the club will choose that day to make the signing official after weeks of speculation.
Falcao will be the biggest signing of the summer for Monaco, who are spending big after winning promotion to the French top flight.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.