The French side has just recorded four wins in 22 matches since arriving in October.
Monaco is second from the bottom in the League 1 table with just 15 points out of 21 games.
Monaco sacks Thierry Henry as manager after recording strings of poor results since arriving three months ago.
The Arsenal legend has been told his services are no longer needed with former manager Leonardo Jardim lined up for a shock return.
Jardim was deemed surplus to requirement in October, making way for the ex-Gunners striker, and now the club are willing to take him back to avoid being relegated to the second division.