However, Kiprop, who has two important assignments lined up - one to win a berth in the explosive Kenyan trials this weekend in Eldoret and second to try and reclaim his Olympic title in Rio, has ruled out going for the world record.
"It is not the record that interests me now. I want to win at the Rio Olympics and that will have a big impact on how I run in Monaco, where I target fast time," he said.
Kiprop, three-time world 1,500m champion, will contest his specialist event. Having recorded his season's best at this meeting over the past four years - the slowest of which was 3:28.88 and the fastest being his personal best of 3:26.69 - the Kenyan will attempt to break his own meeting record which he established in 2015.
His 3:26.69 solo run in Monaco last year moved him up to third on the world all-time list and was just 0.69 shy of the world record. Only two other men Hicham El Guerrouj (Morocco) and Benard Lagat (USA) have run faster.
Wayde Van Niekerk will be making his debut in Monaco in the 400m race. The South African won the world title in Beijing last year in an African record of 43.48, moving to fourth on the world all-time list.
Three-time Diamond Race winner Piotr Malachowski will also be in Monaco. The world discus champion from Poland was victorious in Monaco in 2014, the last time the discus was held at the Stade Louis II.
Canada's world high jump champion Derek Drouin will be competing at Herculis for the third time in his career.
The 26-year-old finished fifth at the 2014 edition where the meeting record was upped to 2.40m, the same height as Drouin's lifetime best.
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