This season the club pose a challenge for Pep Guardiola's Manchester City
For a while, AS Monaco looked like they were looking to spend their way to success.
But of late, the club have gone for a different model of business under Russian majority shareholder Dmitry Rybolovlev.
And it's been reaping rewards with a team built around talented academy players topping the French Ligue 1 and providing tricky opposition to Manchester City in the Champions League last 16 first leg on Tuesday.
It's 13 years since the club from the principality reached the Champions League final for the first time with players that - in some cases - would go on to further acclaim elsewhere.
The 2004 UEFA Champions League final in Gelsenkirchen didn't go their way as Jose Mourinho's Porto came out on top in a 3-0 margin.
But what are the Monaco starting XI from that final up to these days?
The Italian goalkeeper had two spells at Monaco, with the second coming between 2012 and 2014 prior to his retirement.
The 2004 Champions League came during the midst of his first spell for the principality club and can still be heard in the media giving his views on his former clubs Monaco and Milan.
The Argentinean full back retired in 2010 at Boca Juniors at the age of 36 and is back in his homeland.
The Frenchman left Monaco for Rangers one year after the Champions League final, before finishing his career at Marseille.
Five years since retiring, the 38 year old recently gave some advice to Hearts' Malaury Martin about making a move to Scotland.
The centre back would go on to spend four years at Blackburn Rovers from 2009 to 2013.
In 2015, the 35 year old fell out with his then club Evian over remarks made about his beard.
He is currently a free agent.
Monaco's Patrice Evra (front) shields the ball from FC Porto's Deco. Picture by Mike Egerton EMPICS Sport
It was the season when the left back would make his mark at Europe's top level and was 23 when he lined out in the final in Gelsenkirchen.
A player regarded fondly by Alex Ferguson, Evra would later win the Champions League with Manchester United in 2008 as well as multiple Premier League titles, before leaving for Juventus in 2014 and winning Serie A.
The France international is now back in his homeland after signing for Marseille in January.
The ex-West Ham player has been retired for five years and returned to punditry with Telefoot last Autumn.
The former Argentina defensive midfielder has gone into management and is in charge of top division club Godoy Cruz in his homeland.
The 42 year old former Greek international was not involved in his country's surprise Euro 2004 triumph just weeks after the Champions League final as he was left out by then Greece manager Otto Rehhagel.
Most recently, he was involved in the AEK Athens youth ranks until August 2015.
Monaco's Jerome Rothen (r) and FC Porto's Paulo Ferreira battle for the ball. Picture by Adam Davy EMPICS Sport
The former France winger was the creative force in midfield as Monaco almost went all the way in 2004. Unfortunately, the man wearing the captain's armband in Gelsenkirchen had to be subbed off due to injury after just 23 minutes of the match.
After Monaco, Giuly went on to win a Champions League winners' medal with Barcelona in 2006 as well as playing for Roma. He did return to Monaco for a brief spell in 2011-12.
And showing his love for the game, he spent three years at French lower division club Monts d'Or Azergues his boyhood club.
The left winger had a wand of a left foot that would later take him to Rangers on loan in 2009.
He left for Paris Saint Germain shortly after the 2004 final to spend six years in the capital.
Retiring in 2013, the 38 year old has gone down the football media route:
The former Real Madrid striker had a proven track record but was shipped out on loan to Monaco in 2003-04. He was crucial to Monaco's Champions League run that season as he fired nine goals en route to the final, also scoring in both legs of the semi final against Chelsea.
Morientes would have a far less memorable spell at Liverpool from 2005 to 2006.
Since first retiring in 2010, the former Spain international who did make a brief playing return in 2015 with Santa Ana, managed lower division Fuenlabrada last season until being sacked this time last year.