According to Fabrizio Romano, both clubs have “completed all formal steps” of the deal, meaning the transfer is now fully sealed.
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Fati will join Monaco permanently for a fee of €11 million, with the agreement also expected to include either a buy-back clause or a future sell-on percentage for Barcelona.
The move is also set to help Barcelona return to the 1:1 financial rule ahead of the summer transfer window, which opens on June 15.
Fati spent last season on loan at Monaco, where he scored 12 goals across all competitions as the club finished seventh in Ligue 1.
Monaco, who changed managers in October, are also preparing for another coaching change, with Filipe Luís expected to take charge soon.