Monaco says it has reached an agreement with Atletico Madrid to sign Colombia striker Radamel Falcao on a five-year deal.

The club announced the agreement on its website Friday. President and billionaire owner Dmitry Rybolovlev says ''we are very happy that Radamel Falcao has chosen the challenge with Monaco for the future'' and that ''it's an honor to be able to count one of the best players in the world'' in our team.

Falcao has scored 52 league goals in the past two seasons for Atletico. He recently helped the club win the Copa del Rey, beating Real Madrid 2-1 on its crosstown rival's home soil.

Monaco was promoted to the top flight in France after winning the second division this season and is flexing its muscles in the transfer market.

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