The Ligue 2 champions secured the signature of the Colombia international on Friday, signing him to a five-year contract after agreeing a fee rumoured to be in the region of 50 million euros with Atletico Madrid.
Falcao will play his last game for Diego Simeone's side on Saturday when they take on Real Zaragoza.
The 27-year-old has scored 34 goals in 42 appearances in all competitions this season, and Ranieri is hopeful he can assemble a formidable side to help him replicate that form for the principality club.
"I am very happy with the arrival of Falcao. We aim to build a strong team around him," Ranieri told France Football.


"Falcao is a great player. He always works hard for the team, but is also very strong in front of the goal. He is quite impressive."

Monaco have already been very active in the transfer market since clinching promotion back to the top flight, with Porto duo James Rodriguez and Joao Moutinho and Real Madrid centre-back Ricardo Carvalho all deciding to move to the Stade Louis II in recent weeks.