Midfielder Toulalan, who won 36 caps from 2006-10, joined from Malaga in 2013 and was named captain this season.
Monaco added that keeper Danijel Subasic, midfielder Nabil Dirar and defender Andre Raggi had also extended their contracts.
The principality club, who are fourth in the league, visit Caen on Friday.
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(Reporting by Julien Pretot, editing by Tony Jimenez)
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