The Madrid duo will face off at Benfica's Estadio da Luz home on Saturday May 24 in the first European final ever to be contested between two teams from the same city.
Falcao enjoyed a goal-laden two years with Atletico, scoring 52 goals in 68 league games as well as firing the club to Europa League and Super Cup glory in 2012.
And the 28-year-old is hoping his old club can overcome their neighbours and add another European trophy to their cabinet.
"The two teams are even and have the same chances of winning the final," he told Goal at the launch of PUMA's new Tricks boots. "It will be a great game. There was already a derby last year in the Copa del Rey final and Atletico won.
"That shows that finals are different. I would like Atletico to win, of course. I have a great fondness for the club, for everything I experienced there, for my team-mates – and I will be supporting them."
Although linked with a move to Real, the Colombian talisman signed for Monaco in 2013 in a deal reportedly worth €60 million. Falcao had netted nine league goals in 17 league games before a serious knee injury curtailed his campaign in January.
However, the former River Plate and Porto poacher is still hoping to feature for his country at this summer's World Cup, and has been named in the provisional 30-man party to head to Brazil.
"I feel really good," he said. "I’m progressing very quickly – and I’m really happy about that. In the next few weeks we’ll see what shape I’m in and we’ll make a definitive decision on whether it’s convenient or not for me to go to the World Cup.
"The World Cup is my engine and what keeps me going every day in my recovery. It has been one of my objectives this whole time.
"With the coach we have spoken about everything, but he has been very prudent as well in order to avoid putting me under pressure. He has said all along that the most important thing is the player’s health. Everything else comes after that.
"They are situations he knows how to control and he will make the decision when the moment arrives. It will all depend on how I am physically."
Falcao will wear PUMA evoSPEED Tricks in Brazil. Find out more at PUMA FC.
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