Monaco complete swoop for Falcao
May 31, 2013 -- Updated 1902 GMT (0302 HKT)
Colombian striker Radamel Falcao fired Atletico Madrid to Spanish Cup triumph earlier this month.
- Radamel Falcao signs for Monaco after he was linked with, among others, Real Madrid
- Falcao has scored 28 goals this season, helping Atletico win the Spanish Cup
- Earlier in May, Monaco signed Joao Moutinho and James Rodriguez for $100 million
(CNN) -- French club Monaco have served further notice of their intent to challenge at the top of world football by completing the signing of Atletico Madrid striker Radamel Falcao.
The five-year deal for the Colombian, who has found the net 28 times for Spanish Cup winners Atletico in the league this season, is the latest in a series of high-profile acquisitions by the newly promoted principality club. The transfer fee wasn't disclosed by Monaco, but it was reported to be almost $80 million.
"I'm very happy to join AS Monaco and very happy to wear these new colors," Falcao said in a video message on Monaco's Web site.
Earlier this month Monaco's owner Dmitry Rybolovlev -- worth $9.1 billion, according to Forbes -- funded the transfers of Porto pair Joao Moutinho and James Rodriguez for $90 million.
Read: Double swoop
When Rybolovlev acquired a majority stake in the club in December 2011, Monaco were bottom of the French second tier.
Italian coach Claudio Ranieri guided the team to the Ligue 2 title and will be expected to lead his expensively assembled squad towards the upper echelons of French football and, ultimately, into continental competition.
Why did soccer stadium roof collapse?
April 2013: Rogers on why he came out
Adorable boy kills it with soccer goal
"We are absolutely delighted that Radamel Falcao has accepted the challenge of coming to play for AS Monaco FC," Rybolovlev told the club's Web site. "We are proud to have secured one of the best players in the world and confident that he will help ASMFC regain its rightful status."
The signing of Falcao is a major coup for the seven-time French champions.
The 27-year-old arrived in European football from Argentina's River Plate in 2009 and went on to score 41 goals in 51 games for Porto as the Portuguese team won the Europa League.
The Santa Marta-born forward moved to the Spanish capital in 2011 and his goals helped Atletico clinch the Europa League crown in 2012.
Falcao's stock rose considerably after he scored a hat-trick against Champions League winners Chelsea in the 2012 European Super Cup, played at Monaco's Stade Louis II Stadium.
He had been linked with a switch to Atletico's city rivals Real Madrid as well as a host of other illustrious European clubs.
Falcao's status for Atletico's final game of the season, at Zaragoza on Saturday, wasn't known.
Today's five most popular stories
Part of complete coverage on
December 16, 2014 -- Updated 1123 GMT (1923 HKT)
After 20 years, more than 300 goals and a host of major honors, Thierry Henry has called time on his glittering football career.
December 19, 2014 -- Updated 1014 GMT (1814 HKT)
They do things differently at Sociedad Deportiva Eibar, up in the mist-cloaked valleys of the Basque country. And it is working.
December 10, 2014 -- Updated 1353 GMT (2153 HKT)
He might be struggling to score goals for Liverpool, but Mario Balotelli's cheeky tweet about the British monarch hit the spot during the World Cup.
October 28, 2014 -- Updated 1253 GMT (2053 HKT)
They splash the cash on the world's best players, now Real Madrid are giving the Bernabeu the same treatment with a bling makeover.
October 27, 2014 -- Updated 1309 GMT (2109 HKT)
Football world mourns South African captain Senzo Meyiwa who was shot and killed during a botched robbery in a township near Johannesburg.
October 21, 2014 -- Updated 1348 GMT (2148 HKT)
From the ancient ruins of Rome, a new empire rises. But the eyes of the city's newest gladiator light up at thoughts of the Colosseum.
October 21, 2014 -- Updated 1622 GMT (0022 HKT)
Once part of Germany's largest Jewish sports club, now he's the first ISIS suspect to stand trial in a country left shocked by his alleged radicalization.
October 17, 2014 -- Updated 1411 GMT (2211 HKT)
One goal in eight matches for new club Liverpool, and dumped by the Italian national team -- Mario Balotelli has yet to shine on his English return.
October 18, 2014 -- Updated 1819 GMT (0219 HKT)
Should a convicted rapist, who has served their time in prison, be allowed to resume their old job? What if that job was as a high-profile football player?
October 16, 2014 -- Updated 1247 GMT (2047 HKT)
After 10 years of golden glory, it's easy to see how Lionel Messi has taken his place among the football gods.
October 16, 2014 -- Updated 1034 GMT (1834 HKT)
When will the tears stop? A leading Italian football club is pursuing a new direction -- under the guidance of its new Indonesian owner.
October 13, 2014 -- Updated 2241 GMT (0641 HKT)
Norwegian 15-year-old Martin Odegaard is the youngest player ever to feature in a European Championships qualifying match.
October 10, 2014 -- Updated 1310 GMT (2110 HKT)
After revolutionizing cricket with its glitzy Twenty20 league, India has now thrown large sums of money at a new football venture.
October 2, 2014 -- Updated 1453 GMT (2253 HKT)
Get ruthless. That is Rio Ferdinand's message to soccer's authorities in the fight to tackle the scourge of racism.
September 10, 2014 -- Updated 1328 GMT (2128 HKT)
He's just 15 and the world is seemingly already at his feet. Norway's Martin Odegaard is being sought by Europe's top clubs.