Atletico Madrid coach Gregorio Manzano is delighted to be able to call on the services of Falcao this season after the Primera Division club last night confirmed they had reached a deal with Porto for the prolific Colombian.
Atletico have agreed a five-year contract with Falcao who, according to an announcement from Porto to the Portuguese Securities Market Commission (CMVM), will cost the Spanish outfit €40 million - rising to a possible €47 million.
The 25-year-old Colombia international has been a prolific scorer for Porto since joining from River Plate in 2009 and last season helped the club win the Portuguese league and cup double as well as the UEFA Europa League.
His signing will help cover the loss of Argentina ace Sergio Aguero, who left Atletico for Manchester City this summer.
Manzano, who took charge of Atletico in June, said following last night's Europa League play-off first leg clash with Vitoria at the Vicente Calderon: "I'm pleased to welcome a player of the stature of Falcao, who has proven how good he is at Porto, winning titles and I hope that will continue with us.
"It is great news for the start of the season. I feel flattered to have him for next season."
"On a footballing level, the fans already know what he has done at Porto last season, and what he achieved at River in previous years. Today he is our key player in the Colombia team."