Porto duo Joao Moutinho and James Rodriguez are joining Monacoin a transfer deal worth €70 million.
The big-spending Ligue 1 club confirmed the two transfers on Friday in a move which announces their presence as serious players in the European transfer market this summer.
Moutinho, who was linked with a January move to Tottenham, has cost the newly promoted Ligue 1 outfit €25m, while Colombian forward Rodriguez has been sold for an enormous €45m by the Primeira Division champions.
The pair have both signed five-year deals with the principality club who have also been linked with a €60m move for Atletico Madrid star Radamel Falcao.
Rodriguez is 21 years old but has commanded a huge fee that makes him currently the most expensive deal of the summer, ahead of Mario Gotze who cost Bayern Munich €37m to buy from fellow Champions League finalists Borussia Dortmund.
The deal, in fact, propels the South American attacker into the top 10 most expensive signings of all-time, where he now sits ninth just behind compatriot Falcao but ahead of Hernan Crespo in 10th.
Moutinho, 26, is in the prime of his career and will be considered an excellent coup for Claudio Ranieri's men, who will look to storm the top French tier in 2013-14 having won the Ligue 2 title this season.
Monaco were bought in late 2011 by Russian billionaire Dmitry Rybolovlev, which has seen them become heavyweights in the transfer market this summer with promotion assured.
The lack of tax on income in the principality provides an added lure for players wanting to make as much money as possible during their playing career, compared to the heavy tax rates in mainland France, where Paris Saint-Germain are based.
Both players will be presented the media when the club regroups after a post-season break, which will be towards the end of June or start of July.