"We have reached a deal to sell Rodriguez and Moutinho to Monaco," Porto said in a statement to Portuguese market regulator CMVM.
Porto, who beat Monaco in the 2004 Champions League final, will receive 45 million euros for Colombian Rodriguez and 25 million for Portuguese international Moutinho. Both players have signed five-year contracts.
Monaco, who also confirmed the deal on their website, have just been promoted back to French Ligue 1 after being taken over by Russian billionaire Dmitry Rybolovlev in 2011.
Moutinho and Rodriguez, 26 and 21 respectively, were instrumental in helping Porto clinch a third consecutive league title this season.
Moutinho is a consistent hardworking midfielder noted for his tactical awareness while Rodriguez has great dribbling skills and the ability to deliver dangerous crosses.
Monaco are at odds with French football authorities over tax exemptions but they have attracted many leading players helped by the fact that, under the principality's laws, foreigners do not pay tax on their wages.
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