The 27-year-old spent the latter half of last season on loan at La Liga side Sevilla, where he scored seven goals and provided five assists in 24 appearances for the Spanish club.
"I'm very happy to be here. AS Monaco is a big club that played in the semi-finals of the Champions League and won the French title last season. There are some great players on this team," Jovetic told Monaco's website. (www.asmonaco.com)
French media reports say that Jovetic could replace Monaco's young striker Kylian Mbappe, who is close to joining French league rivals Paris St Germain.
Jovetic becomes Monaco's ninth signing of the summer after the arrival of midfielders Youri Tielemans and Soualiho Meite and defender Terence Kongolo.
(Reporting by Aditi Prakash in Bengaluru; Editing by David Goodman)
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