Monaco have announced on their official website that they have reached an agreement with Porto for the signings of Joao Moutinho and James Rodriguez.
Moutinho, 26, and Rodriguez, 21, have both signed five-year contracts with the affluent French club in a deal reported to be worth €70 million, who will play in Ligue 1 next season following their promotion from Ligue 2.
Earlier this week, Portugal international Moutinho claimed he was happy to stay at Porto, but accepted his fate was up to the club he joined from Sporting Lisbon in 2010.
The pair were both part of the Porto side which claimed a Treble of league, cup and Europa League in 2010-11, while the following season Colombia international Rodriguez's hat-trick helped Porto retain the Taca de Portugal last term with a 6-2 final victory over Vitoria de Guimaraes.
"The players will be presented to the media upon the resumption of training by the first-team squad at a date to be determined by the club," a statement on the principality club's official website read.
Bankrolled by Russian billionaire Dmitri Rybolovlev, Monaco had stated they would bring in significant and high-profile reinforcements during the summer transfer window.
The 2004 Champions League runners-up have also been linked with Atletico Madrid and former Porto forward Radamel Falcao, 27, and Manchester City striker Carlos Tevez, 29.