The Ligue 1 side confirmed the appointment on Monday afternoon and said that the 52-year-old will take charge of all sporting matters at the club, who currently sit in third place in the French top-flight standings.
“AS Monaco has shown a great evolution in the past few seasons and I am convinced that the club will keep being successful.
“I will work here with humility and try my best to bring my experience in this club which is a reference of French and European football.”
His success at convincing the likes of Eden Hazard, Thibaut Courtois and N’Golo Kante to join Chelsea played a big role in Monaco vice-president Vadim Vasilyev handing Emenalo one of the top jobs at the club.
He said: “I have been following Michael Emenalo’s work for a long time and I am very happy to have him here after he chose to quit Chelsea.
“His know-how in scouting network, as well as the technical skills he developed working in one of the most successful clubs in the world in the past few years, are the main reasons leading us to present him our ambitious challenge.
“Through this appointment, it is a further sign that we are ambitious and competitive in our model.”