Simone, who played for AC Milan from 1989-97 and 2001-02, will be working in association with Jean Petit, Monaco said in a statement on their website.
"The president of AS Monaco FC has decided... to put the professional team in Jean Petit and Marco Simone's care," the statement read.
Monaco, who were relegated from the top flight at the end of last season, lie second from bottom in the Ligue 2 standings after six games following a 3-1 home defeat to Angers last Friday.
Simone, 42, also played for Monaco from 1999-2001 and 2002-03, Paris Saint-Germain from 1997-99, winning four caps with Italy between 1992 and 1996.
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