Fabregas joined Chelsea from Barcelona in 2014 and had initially been a key player for Jose Mourinho and Antonio Conte, winning the Premier League title under both.
Key to the move was the fact that Monaco are now coached by Fabregas' former Gunners teammate Henry, with whom he won the Premier League in 2004.
Monaco, who have also been strongly linked to another Chelsea player, Michy Batshuayi, expressed their delight at the signing of Fabregas which they hope will belatedly kick-start their campaign. But with Monaco it will be totally different as he goes straight into a relegation scrap, with Henry's side mired in 19th place ahead of Sunday's (Monday NZT) trip to face sixth-place Marseille. "It is a quality squad with young players and a young coach", said Fabregas, referring Henry.
The Spaniard has now completed the move to Monaco, signing a three-and-a-half year deal.
"Wow. I'm honoured to announce that I will be starting an exciting journey with this wonderfully historic Club".
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During his time with Arsenal, Fabregas won one FA Cup.
Regardless, though, two replacement targets have already been doing the rounds in the media and it seems Chelsea have their heart set on either Leandro Paredes or Nicolo Barella. I think it just made sense for Chelsea to do the deal now.
So, all the talk is that Adrien Rabiot is off to Barcelona at the end of the season, pending the expiry of his current contract.
But a move for midfielder William Vainqueur from Turkish club Antalyaspor fell through, after he failed a medical due to a calf problem.