Emenalo left similar role at Chelsea to move to France with the club in dire need of quality to save their floundering season.
Pepe is a free agent who terminated his contract with Besiktas of Turkey by mutual consent in December.
French news outlet L'Equipe reports that Pepe received an offer from Arsenal whose head coach Unai Emery has revealed are on the lookout for defensive cover following injuries to the likes of Rob Holding, Shkodran Mustafi, Nacho Monreal, Hector Bellerin and Laurent Koscielny.
The 35-year-old centre back is thus set to join former Arsenal midfielder Cesc Fabregas who played his last game for Chelsea in Saturday's FA Cup third round triumph over Nottingham Forest.
AS Monaco is coached by English Premier League legend Thierry Henry.
Out of favour Super Eagles left back Elderson Echiejile was the last Nigerian to have an affiliation with the Principality club where 1997 African Footballer of the Year Victor Nosa Ikpeba made waves.
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