According to Foot Mercato, the deal is worth around €10m including bonuses, with discussions between all parties progressing over the past several days.
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The Senegal international is now expected to undergo his medical before completing the formalities and officially joining Les Monégasques.
It is shaping up to be a busy start to July for Monaco, who are also closing in on further key moves.
Filipe Luís is reportedly set to be appointed as the club’s new head coach, while Mathys Detourbet and Nazinho are also expected to arrive as part of a wider squad rebuild ahead of the new season.