Monaco (AFP) - Monaco's Colombian international striker Radamel Falcao has extended his contract with the newly-crowned Ligue 1 champions until 2020, the club announced on Thursday.

The 31-year-old club skipper - who scored 28 goals this season in all competitions - said he was "happy to continue the adventure with Monaco".

"After this incredible season during which I experienced every emotion, I wanted to continue this beautiful story."

According to reports, Falcao, previously under contract until 2018 with an annual salary of €14 million (S$21 million), accepted a considerable salary reduction to stay with the principality outfit.

"I'm very happy with this extension for Falcao," said club vice-president Vadim Vasilyev.

"It's satisfying to keep him as a goal scorer and leader of our team. After this exceptional season, it once again demonstrates all our ambition for the future."