The Colombian international has been heavily linked with a move to the Premier League in January, and Chelsea and City are both thought to be weighing up moves for the £45m-rated striker.
Falcao has been in scintillating form for his club, Atletico Madrid, this season, off the back of one of the best years of his career last term.
And his performances in La Liga earned him a nomination for this year's FIFA Ballon d'Or, alongside the likes of Lionel Messi, Cristiano Ronaldo and Wayne Rooney, but the Colombian frontman doesn't rate his chances too highly.
When asked by FIFA.com about his chances of scooping the accolade, Falcao said: "That's for others to say, not me."
And when pressed as to who he think deserves the award, the Atletico forward picked out three names, but couldn't choose between them.
"That's a tough question!" Falcao said. "I think there are several players who have done a lot this season to deserve it, thanks to their achievements with both their clubs and national sides. It could be Lionel Messi, Cristiano Ronaldo or Andres Iniesta.
"They are some of the players who have stood out in the past season."
Falcao has 10 La Liga goals already this season, but trails his Ballon d'Or rivals Cristiano Ronaldo, who has 11, and Lionel Messi who has 13 in just nine league appearances.
The Colombian is widely regarded as the best number nine in world football, and Real Madrid, as well as Chelsea and Manchester City have been credited with an interest in the striker.
Chelsea have just two senior strikers - Fernando Torres and Danny Sturridge - and Blues boss Roberto Di Matteo could look to bring another forward to Stamford Bridge in January.
Manchester City have plenty of options in contrast, with Edin Dzeko, Sergio Aguero, Carlos Tevez and Mario Balotelli on the books, but Roberto Mancini's side have scouted the Atletico forward within the last month.