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Monaco vice-president Vadim Vasilyev has said the club have signed Michy Batshuayi on loan from Chelsea until the end of the season.
The deal will not include an option to buy at the end of the campaign, sources have told ESPN FC.
The 2016-17 Ligue 1 champions are enduring a difficult season as the battle to stay in France's top flight and have brought in a host of experienced players in January to help boss Thierry Henry turn the club's season around.
Batshuayi, who worked under Henry with the Belgium national side, has followed ex-Chelsea teammate Cesc Fabregas in moving to the Stade Louis II.
The forward spent the second half of last season at Borussia Dortmund and began this campaign in La Liga with Valencia.
However, despite Chelsea looking for a new centre forward in the January transfer window, the club have allowed Batshuayi to join the principality side.
Meanwhile, the club have also brought in 36-year-old defender Naldo from Schalke as well as William Vainqueur on loan from Antalyaspor