The Colombia international has been absent since damaging his cruciate knee ligament in a Coupe de France tie against Monts d'Or Azergues in January.
Falcao missed the World Cup as a result of the injury, despite a desperate late bid to be fit for the tournament in Brazil.
However, the 28-year-old is poised for a return to action when the pre-season tournament takes place at the home of Arsenal.
"I think he will be able to start playing again at the Emirates Cup," Monaco head coach Leonardo Jardim told L'Equipe.
"He is now in the final phase of his recuperation."
Falcao's future at the Stade Louis II has been called into question amid rumours of a return to La Liga with Real Madrid, with the striker having previously represented rivals Atletico.
But Jardim is hopeful Falcao will lead the line for Monaco in Ligue 1 this term, adding: "For now, he is a Monaco player and I am counting on him."