The French-Congolese central defender, who has dual citizenship, is regarded as one of the most promising defensive talents in Ligue 1.
It has been reported in France that Arsenal scout Gilles Grimandi has watched Mongongu on a number of occasions and has been impressed with his findings.
Bayern Munich and Juventus are also thought to be monitoring Mongongu's situation, but it is thought the player would be keen to work under Arsene Wenger.
Monaco are eager to tie him down to the Principality with a long-term deal but Mongongu admits he is to weigh up his future over the summer.
"I have a contract until June 2010 and I have been approached by Monaco to sign for more years," he told skysports.com.
"I will not say anything yet, however when you hear Arsenal and Juve are after you, it makes you think.
"But I am still young and want my club to finish the season on a high. I won't mind staying one more year here."