Colombia international Falcao has been out of action since suffering damage to his cruciate knee ligament in a Coupe de France tie versus Monts d'Or Azergues in January.
The 28-year-old was forced to miss his country's World Cup campaign because of the injury but is now nearing a return to full fitness.
And the ex-Porto and Atletico Madrid talisman will make his long-awaited comeback at the pre-season tournament at the Emirates Stadium as Monaco step up their preparations for the new Ligue 1 campaign.
"Falcao will play this weekend," Jardim said. "Not the entire game but at least 15 to 20 minutes tomorrow [Saturday] and perhaps more on Sunday [against Arsenal].
"He is anxious to play again. He is close to having recovered 100 per cent of his physical fitness.
"This will be a very good test for him before the resumption of Ligue 1."
Monaco begin their league season with a home game against Lorient at the Stade Louis II in nine days' time.