The Saints, who have slipped into the relegation zone, were this week named the 18th richest soccer club in the world, by accountancy firm Deloitte, but have struggled up front this season.
Charlie Austin, the team's top scorer with six goals, is injured. His fellow forwards Manolo Gabbiadini and Shane Long have scored three and one, respectively, and Carrillo will boost manager Mauricio Pellegrino's options up front.
The manager worked with Carrillo, who has scored five goals for Monaco this season, at Argentine club Estudiantes in 2015.
Southampton have money to spend after selling centre back Virgil van Dijk to Liverpool for a reported 75 million pounds and Pellegrino said after that deal that the club would look to bring in three players, including a striker.
(Reporting by Simon Jennings in Bengaluru)
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