"It's an honour to have had this great champion among us," said Monaco vice president Vadim Vasilyev. "Ricardo will always be welcome in Monaco."
Carvalho signed for Monaco from Real Madrid in 2013 having won La Liga the previous year and helped the French club reach the Champions League quarter-finals in 2015.
He lifted three Premier League titles and three FA Cup trophies in six glittering years at Chelsea, having won the 2004 Champions League and three Portuguese championships at Porto.
Monaco start their Ligue 1 campaign at home to Guingamp on Friday.
(Reporting by Ed Dove; Editing by Ken Ferris)
