Veteran winger Ludovic Giuly rejoined former club Monaco, now in Ligue 2, on a two-year deal, it was confirmed on Tuesday.
The 35-year-old had been a free agent after being released by Paris Saint-Germain at the end of last season, but has been training with the principality club since July 21.
Monaco had been told by the National Directorate of Management Control (DNCG), who monitor the accounts of all professional clubs in France, that they would have to offload a player before they could sign Giuly.
However, with Dieumerci Mbokani leaving for Belgian giants Anderlecht, Monaco were able to make their move.
"I couldn't leave Monaco as they are just now, we are going to do everything to get this club back into Ligue 1," said Giuly, who enjoyed a successful spell at the club between 1998 and 2004, winning the Ligue 1 title in 2000 and the League Cup in 2003 before captaining the team to the final of the Champions League in 2004.
"The board had confidence in me and it is a long-term project that I am signing up to, but for the moment all that matters is what happens on the field," he said as it was revealed that the deal includes an agreement to remain at the club in a non-playing capacity beyond 2013.
Giuly, who will wear the number eight jersey at the Stade Louis II, began his career at Lyon, and later enjoyed three years at Barcelona before spells with Roma and PSG. He also won 17 caps for France.
Monaco, coached by Laurent Banide, have drawn their opening two league games in what is their first second-tier campaign since 1976-77.