As Leverkusen coach Peter Bosz hinted on Monday, the 28-year-old leaves the club after scoring 50 goals, creating 32 more, in 148 appearances over four years for the Bundesliga side.
This is the first time Volland has joined a club outside Germany.
He will link up with Monaco’s new German-born head coach Niko Kovac, the former Croatian international who was sacked by Bayern Munich last November, but earned his first Ligue 1 victory on Sunday with a 1-0 win over Metz.
Volland has also made 10 appearances for Germany, scoring a goal in the 8-0 drubbing of minnows San Marino in 2016.
“His profile is that of a versatile striker, capable of playing up front, as a second striker or a winger on both sides,” Monaco’s sporting director Paul Mitchell told the club’s website.
“He is a player who works hard for the team with statistics that illustrate his goalscoring skills.”
According to a club source, the transfer fee is 11 million euros with various added bonuses.
Volland, formerly of Hoffenheim, is Monaco’s second major signing of the transfer window after the arrival of promising centre-back Axel Disasi from Reims.
Leverkusen sporting director Simon Rolfes praised Volland’s “exemplary commitment” over the last four years and said the striker leaves with the German club’s blessing.
Leverkusen are also poised to lose Germany playmaker Kai Havertz, 21, who is expected to join Chelsea in the coming days in a transfer deal estimated to be worth 100 million euros.
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