The newly promoted Ligue 1 team had plenty of competition for both, but have signed the pair for a combined 70 million euros from the Portuguese champions.
Monaco have also recently been linked with Radamel Falcao, Carlos Tevez and Wayne Rooney among others.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.