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The party, which will be held in a marquee near to Monaco's Stade Louis II, will be attended by Prince Albert and the club's billionaire Russian owner Dimitri Rybolovlev.
With Atletico playing their final league game of the season away to Zaragoza on Friday, Falcao is not expected to be present, but it is believed that Rybolovlev will take the chance to announce the striker's signing.
Falcao arrived in the principality on Monday evening and spent Tuesday there with his agent Jorge Mendes, finalising the details of his contract and passing a medical.
He has since returned to the Spanish capital.
Different sources close to the deal say that Falcao is set to sign a five-year deal with Monaco but that a clause will allow him to leave for a major club in June 2014.
Monaco and Atletico have already reached agreement on a transfer fee.
While the player's release clause currently stands at €60 million, reports in the Spanish sporting press indicate that the fee will be €45 million, with Falcao earning a net salary of €14 million per year.
