Colombia international Falcao sustained a hip injury in the closing stages of Monaco's 2-1 victory over Bordeaux on Saturday.
The striker has showed signs of returning to his best form after disappointing and injury-blighted spells on loan at Manchester United and Chelsea, scoring 24 goals in 31 appearances in all competitions.
Two of those goals came as Monaco suffered a 5-3 defeat in the last-16 first leg at the Etihad Stadium, but Falcao may be absent for the return match at the Stade Louis II on Thursday (AEDT).
"Radamel Falcao is feeling better now, but I don't know if he'll be able to start," Jardim told a pre-match news conference.
"We'll wait until tomorrow to make a decision."
Regardless of whether Falcao lines up from the start, the Monaco boss is predicting more goals between two attacking sides.
"I think the two teams will attack. We'll try to score because we need to score two goals more to qualify," said Jardim.
"I think their individual quality will be dangerous and they can score at any time. To qualify I think we need to score at least three goals.
"I think both teams will respect their DNA because I think it's difficult to change the attacking mentality of the players.
"I think there'll be a lot of space and attacking intent tomorrow and, perhaps, a lot of goals."
Jardim insists he holds no fear with Monaco's European future in the balance, stating that opponents of a significantly lower stature tend to give him more cause for concern.
He added: "I'm not afraid of these type of games. I'm making the most of it. I'm more afraid when we take on smaller clubs and we're favourites.
"Everyone needs to enjoy these evenings. If you are passionate about football then you love these evenings."