According to L'Equippe (h/t to AS), the transfer would be dependent on Falcao's recovery from the gruesome knee injury that kept him out of the 2014 World Cup. The striker returned to action during the Emirates Cup and looked completely injury-free, giving Los Blancos the green light to proceed.
Monaco coach Leonardo Jardim recently made it clear to L'Equippe (h/t to the Daily Mail's Chris Waugh) he was well aware the talented forward could soon be leaving the club, emphasising he was still a Monaco player, "for now":
"For now, he is a Monaco player and I am counting on him. I think he will be able to start playing again at the Emirates Cup. He is now in the final phase of his recuperation."
The summer of 2014 has already been a busy one in the Spanish capital, with Real completing deals for offensive wizards James Rodriguez and Toni Kroos. While both will undoubtedly have an influence on Real's attack the coming season, Falcao is on a whole different level.
Falcao is what pundits would describe as a complete striker: He has the physicality to dominate in the air, the technical baggage to excel in small spaces, the big leg to be a threat from distance and the killer instinct to turn half-chances into goals.
Real Madrid already field a quality striker in France's Karim Benzema, and as shared by Sky Sports' Pete O'Rourke, he still figures to be part of Los Blancos' long-term plans:
Benzema is arguably one of the most underrated strikers in the world. His hard work often goes unnoticed in Real's star-studded squad, and the scoring exploits of Cristiano Ronaldo and Gareth Bale overshadow what he does on the pitch.
Perhaps his biggest flaw is his consistency, or at least that's how the BBC's Andy West feels:
Benzema understands his role in Real's complicated system built around the athletic ability of the wingers. But a lack of quality backups capable of consistently pushing him for the starting role means fitness can be an issue for the French international, and coupled with the consistency issues, he can sometimes disappear from matches.
Enter Falcao. El Tigre isn't just a quality backup—he would be the unquestioned starter in Real's starting XI. Even more than Benzema, he brings the kind of poacher mentality to take advantage of all of the quality around him.
With Ronaldo, Bale and a host of talented central players creating danger around him, Falcao could focus on one thing, and one thing only—scoring goals. His vision and football IQ are among his best traits; he would literally be tasked with running into smart spaces for the full 90 minutes, to the despair of defences.
And backed up by a world-class talent like Benzema, fitness wouldn't be an issue for Los Blancos. The two likely wouldn't rotate, with the bulk of minutes going to Falcao, but there would still be plenty of matches for Benzema to shine.
Real's 2013-14 season was an impressive campaign, but it was obvious to everyone watching that the engine started to sputter late in the season. Nagging injuries took their toll, and given the heavy workload the top offensive players faced, that dip in form really shouldn't have come as a surprise.
Imagine that same team with the kind of attacking depth to keep the top players fresh throughout the season. With Falcao and Benzema both fully healthy, Los Blancos would run circles around the tired opposition late in the year.
If Falcao is fully recovered (and that's still a big if), he would instantly join Ronaldo as the team's most dangerous scorer. Backed by one of the world's best collection of midfield players and with Benzema able to spell him if needed, Real's attack would have a realistic chance at breaking every scoring record in the book.