The Principality of Monaco has authorized the ACM to begin next week the construction work of the circuit that is scheduled to host the fifth round of the 2021 F1 World Championship.
Formula 1's showcase event was canceled last year, for the first time since 1954, following the onslaught of the coronavirus pandemic, a fate that also befell the Automobile Club de Monaco's historic meeting.
Monaco's 2021 motorsport agenda is set to fill up the end of April and the month of May with Formula E, the Historic GP and F1 all taking place over four weeks in the Principality.
Construction work and the installation of all the necessary infrastructure were therefore brought ahead but build out deadlines required a green light this month, which the ACM has now received.
Work is expected to get underway next Monday on February 22, with the glitzy street circuit ready to host its Historic GP on April 23-25.
Monaco's E-Prix is to run on a shorter layout on May 8, while F1's big event will unfold from May 20 to 23.
Earlier this year, rumors of another cancellation for Monaco emerged as the Principality showed no signs of lifting its COVID-19 restrictions, which include a 7pm-6am curfew.
Monaco announced on Wednesday that its current measures will remain in place until March 19, but cases are steadily decreasing while French citizens entering the Principality are required to show a negative PCR test from the prior 72 hours.