By FOX Sports Staff
Spanish reports this week suggested that United were in advanced talks to sign the Colombia international.
Falcao scored 36 goals for Atletico in all competitions last season and the 27-year-old has continued his rich vein of form in the current campaign with 28 strikes already.
The potential arrival of Falcao in Manchester has raised serious questions once more about the future of United talisman Wayne Rooney. The England international's place in Sir Alex Ferguson's starting XI came under the spotlight this season when he was dropped to the bench for a crucial UEFA Champions League clash against Real Madrid earlier in the year.
Ferguson insists Rooney remains very much in his plans for coming seasons yet any Falcao deal would surely push the former Evertonian further down the pecking order behind Robin van Persie and the Colombian.
However, Law isn't about to get carried away just yet.
"I don't think Sir Alex Ferguson will be letting Wayne Rooney go anytime soon," Law told talkSPORT in response to the Falcao rumours.
"That combination of Rooney and RVP has [virtually] won the Premier League. The other players are important as well but you need players who are going to score goals."
Van Persie has failed to find the back of the net in his last 10 games for the Red Devils, but Law has backed the Dutchman to start banging in the goals for fun in the near future.
"If you look back through the careers of all strikers you will always have a spell where you're not scoring," he said.
"You have a situation where you hit the post, the keeper makes a fantastic save or the ball just runs away from you.
"But if you said to most managers around the world, ‘would you like Robin van Persie in your team?' even during this lean spell, then everybody would say yes.
"Being a striker is a strange position. When you're scoring goals you go out and think you're going to score every game. But equally when you have a lean spell, you think ‘when am I going to score again'. You have to score sometime though and, once you've scored, then you'll be on your run again."
Atletico paid a club-record 40million euros to sign Falcao from Porto in 2011.