Diaz is believed to be close to completing a move to the Merseyside club, but has also attracted interest from Tottenham Hotspur.
According to The Daily Mirror, Falcao and Rodriguez advised Diaz to push through a move to Anfield during the ongoing transfer window. The Reds have reportedly reached an agreement with Porto over a £37.5 million transfer with £12.5 million in add-ons.
Diaz is expected to sign a five-year contract with Jurgen Klopp's side that will see him earn £90,000-per-week.
When questioned about his thoughts on Luis Diaz's potential move to Liverpool, Radamel Falcao revealed that he is happy and excited for the 25-year-old forward.
"I am very happy for him. Going to Porto in Europe gave him the ability to understand and analyse the game better. He knows how to play, he knows what to do," said Falcao as per the Daily Mirror.
The 25-year-old joined Porto in the summer of 2019. The forward immediately became a key member of the Portuguese side's starting line-up, scoring fourteen goals in 50 appearances in his debut season with the club.
The Colombian has been in exemplary form for Porto this season, scoring 16 goals in 28 appearances in all competitions. His consistent performances have caught the attention of the likes of Liverpool and Tottenham Hotspur.
Liverpool have been heavily linked with a number of forwards in recent months as Jurgen Klopp is keen to bolster his front-line. The Reds lack cover and competition for the likes of Mohamed Salah, Sadio Mane and Diogo Jota.
The Reds are expected to officially announce the signing of Luis Diaz from Porto in the next 48 hours. The 25-year-old is, however, away on international duty with Colombia in Argentina and could therefore have to wait until the end of the week to fly to England.
The potential arrival of Luis Diaz could help Liverpool challenge Manchester City for the Premier League title
Liverpool currently sit second in the Premier League table, nine points behind league leaders Manchester City with a game in hand. The Reds have endured a poor run of form in recent weeks. They have managed to win just two of their last five games in the Premier League.
Jurgen Klopp's side are seen by a number of fans and pundits as the only team capable of challenging Manchester City for the Premier League title this season. The Reds, however, lack depth in attack and have often been overly reliant on the goal-scoring exploits of Mohamed Salah, Diogo Jota and Sadio Mane. The three have combined to score 34 goals in the Premier League this season - 16, 10 and eight respectively.
The potential arrival of Luis Diaz from Porto will add some much-needed depth and quality to the Reds' front-line.