The cost of the centre has been estimated at €55 million (£49 million) and it is expected to be open by the 2020-21 season. President Dmitry Rybolovlev added that the 'premium boxes' at the club's Louis II stadium would be renovated and a dormitory for the youth academy players would be built.
"I am absolutely committed to making every effort to continue to take this Club forward over the long term," Rybolovlev said in a statement.
"We have already invested EUR 335 million in ASM, and the Club has started to make profits, which it is now able to reinvest in further development.
"Rumours about a potential change of ownership at the Club have been repeatedly denied. I believe that the projects presented today speak best about our long-term commitment to ASM."
Monaco lie second from bottom in Ligue 1 after stretching their winless run to four games with a 1-1 draw against Nice on Wednesday.
(This story was refiled to clarify that €55 million is the cost for the Centre for Sporting Excellence)
(Reporting by Julien Pretot; Editing by Toby Davis)
