The Colombia international is among the most sought-after talents in world football after proving himself to be a prolific source of goals.
He has considerably enhanced his reputation during his time with Atletico, sparking speculation that he could soon be on his way to pastures new.
Chelsea and Manchester City are among those to have been heavily linked with big-money approaches for the South American.
Simeone appreciates that it is difficult to keep such talents out of the clutches of a rival, but is quick to point out that Atletico have always been able to find suitable replacements when forced into attacking sales in the past.
"It is complicated, but it would be fabulous if he stayed," Simeone told Spanish radio show Al Primer Toque.
"I am not his agent. I am not Falcao. Falcao has given me a lot and is a player with commitment, and I respect him a lot for that. The fans do not have to judge him after all he has given.
"[Fernando] Torres went and [Sergio] Aguero came, which was a risky bet. [Diego] Forlan went and Falcao came. If he does end up leaving, another competitive player will surely arrive."