Arnoux was supposed to contest the event in 2020 before the COVID-19 pandemic caused a postponement to this year.
The delay enabled the German Methuselah Racing team to get Alesi on board as well.
The former Ferrari factory drivers will compete in the F Series, for 3-liter F1 cars of the 1973-76 era.
Arnoux drove ten times at the Monaco GP between 1979 and 1989 and finished third with Ferrari in 1984.
Alesi made twelve starts in the Principality between 1990 and 2001, finished second on his debut with Tyrrell and finished third for Ferrari in 1991 and 1993.
The 312B3 was originally driven by Niki Lauda and Clay Regazzoni during the 1974 season and was the pacemaker for much of the year.
Lauda took his first F1 victory in Jarama and triumphed again in Zandvoort, while also taking nine pole positions – including Monaco.
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Clay Regazzoni leads Ferrari team-mate Niki Lauda at the 1974 Monaco Grand Prix
Regazzoni celebrated his only victory of the year at the Nürburgring, but the Swiss stayed in the title fight until the last race.
Also in the Series F field, former F1 driver Alex Caffi sits behind the wheel of a 1976 Ensign N176.
The other big name on the weekend’s roster is 2012 Spanish GP winner Pastor Maldonado, who will drive a 1937 Maserati 4CM in the pre-war Series A race.
Like Arnoux and Caffi, the Venezuelan was registered in 2020 and had to wait a year for his participation.
The Automobile Club de Monaco says it has received 170 registrations for its seven historic races despite the pandemic.
Now that the planned 70th anniversary of the F1 celebrations was missed due to last year’s postponement, the focus of the meeting is on celebrating the 70th anniversary.
Although an ACM announcement indicated that spectators would be allowed in, details of preparations for the historic GP or the following Formula E and Formula 1 events have not yet been released.
An ACM spokesman told Motorsport.com: “The organizing committee for the three upcoming events is currently working on different scenarios so we will announce this as soon as it is decided.”
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