Northern Ireland international McGovern is to sign a one-year extension with the Bairns.
Falkirk boss Gary Holt was delighted to secure the 28-year-old on a new contract after impressing at Falkirk Stadium for the past two seasons.
"Michael has agreed to sign and that's a boost for me," Holt told the Daily Record. "I'm delighted, it's why I've made a lot of positives noises about him.
"It's also good for the club and the fans that Michael wants to stay and be a part of something that we're going to try to build here."