PSV Eindhoven will play Rangers in the Champions League play-off round.
The Dutchmen dispatched the Ligue 1 side over two legs after a hard-fought 3-2 extra-time win on their own patch.
The pair had drawn 1-1 in the first leg in the French Principality last week.
Former Rangers target Joey Veerman put the Eredivisie side in front after 21 minutes to put them in the driving seat.
Monaco clawed their way back with Guillermo Maripán's 58th-minute strike.
And former Seville striker Wissam Ben Yedder got what looked like a crucial second 12 minutes later to put his big-spenders into the driving seat.
But Erick Gutierrez grabbed an 89th minute equaliser after being set up by former Barcelona striker Luuk De Jong.
And the experienced striker grabbed the winner with ten minutes of added time remaining.
PSV will face Rangers in Govan next Tuesday for a spot in Europe's elite competition with a guaranteed £40m bounty at stake. Whoever loses will drop into the Europa League group stages.
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