The Colombia internatonal has been sidelined since suffering the injury in a Coupe de France clash with minnows Monts d'Or Azergues and has been receiving treatment in Porto.
Monaco confirmed on Wednesday that the 28-year-old, who still hopes to feature in the 2014 FIFA World Cup, is well on the road to recovery.
"AS Monaco FC and the player would like to thank all the people who took care of Falcao to Porto, in particular the medical department of Dr Jose Carlos Noronha and club of FC Porto," read a statement on the club's website.
"Radamel Falcao is going to pursue from this Thursday the second phase of his recovery in the sport clinic in Madrid in close collaboration with the medical department of AS Monaco FC."
The Stade Louis II outfit, who last month signed Fulham's Dimitar Berbatov on loan to cover for Falcao's absence, currently sit second in Ligue 1 and are five points adrift of leaders Paris Saint-Germain.
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