Hot property Radamel Falcao is to join Monaco

Radamel Falcao will swap Madrid for Monaco

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Monaco have confirmed that they have completed the signing of the free-scoring Colombian international forward Radamel Falcao from Atletico Madrid.

Speaking at an event held to mark Monaco's promotion to the French top flight, the club's wealthy Russian owner Dmitry Rybolovlev said: "I would like to officially announce that Falcao has signed his contract."

And Monaco have also released a statement on their website which read: "We are absolutely delighted that Radamel Falco has accepted the challenge of coming to play for AS Monaco FC.

"We are proud to have secured one of the best players in the world and confident that he will help ASMFC regain its rightful status.

"The Colombian international striker has signed for five years."

The player himself said on his Twitter feed: "I'm eager to start this challenge! I count on your support!"

And his former club released a statement saying: "From Atletico Madrid we wish him luck in his new home and thank him for the great demonstration of professionalism that he has shown in the two seasons he played for our club."

Falcao a hot property

There has been no mention of the transfer fee agreed but it is believed to be between 50m-60m euros, with Falcao, one of the hottest properties in world football, set to earn annual salary of around 14m euros.

The prolific forward has scored 52 league goals in the past two seasons for Atletico, including 28 this season, with one game still to play.

And he recently helped Atletico to claim the Copa del Rey courtesy of a 2-1 victory over local rivals Real Madrid in the final.

Monaco say Falcao will be presented to the media when the club's players return for pre-season training.

The newly-promoted club are hoping to challenge for the French title next season and are flexing their muscles in the transfer market, thanks to billionaire owner Rybolovlev.

Last week they signed Portugal midfielder Joao Moutinho and Colombia international James Rodriguez from FC Porto for a combined 70m euros.