Media reports suggest the Londoners have reached an agreement with Monaco to sign Falcao on a season-long loan.
The striker scored just four goals in 29 appearances for Manchester United last season, with the club deciding not to take up an option to sign him on a permanent deal.
But Chelsea manager Jose Mourinho is keen on the 29-year-old who impressed during his time at Porto and Atletico Madrid prior to moving Monaco.
There has yet to be any official confirmation from either club over a transfer, with Falcao playing for his country at the Copa America in Chile.
Colombia team-mate Cuadrado joined Chelsea in a £24.8m deal from Fiorentina in January but had a limited contribution in the remainder of the campaign.
And Colombia coach Pekerman is confident Falcao’s arrival at Stamford Bridge would bring out the best in his compatriot.
“I have no doubts that they are going to help each other at Chelsea and are going to be a success,” Pekerman said.
And Cuadrado, who was also speaking to the media ahead of the match against Brazil, indicated a potential deal was in the pipeline.
Cuadrado said: “I am very happy that he’s with us, but first we have got to concentrate on the Copa.”