Monaco have reached a deal to sign Colombia striker Radamel Falcao from Atletico Madrid on a five-year-deal.

The forward, who netted 31 goals in all competitions for Atletico, was considered as one of the top attackers in world football at present.

His showings saw him attract interest from Chelsea and Manchester City, as the big-spending English sides were tipped to battle it out for the player.

Falcao, though, has opted to move to Ligue 1 where Monaco are hoping to build a squad that will rival Paris Saint-Germain.

"Monaco are happy to announce that they have reached an agreement with Atletico Madrid and the player Radamel Falcao," a club statement read.

"Falcao, 27, has signed for five seasons. He will be presented to the media and start training with the group at a date to be confirmed by the club."

Falcao himself added, via a video message to fans, "I am very happy to join Monaco and very happy to wear these new colours."

Monaco president Dmitry Rybolovlev was also unable to hide his delight, adding, "We are very happy that Falcao has choosen the challenge of Monaco for the future. It's a source of pride for us to have one of the best players in the world in the Monaco ranks."