The Spanish driver has won at the principality for the last two years, although this season his chances look a lot slimmer as Renault have been unable to match the pace of Ferrari, BMW or McLaren.
But Alonso reckons that Monte Carlo could be a performance equaliser and he is hoping to achieve a strong result.
"We have progressed, but we are still behind Ferrari, McLaren and BMW," the Spaniard said. "Even though Monaco is a circuit where the driver can really make the difference, a good car will always be an advantage and makes things easier.
"But we will try and spring a surprise and make the most of our opportunities. At the moment we are fighting for seventh place, but, as we saw in Istanbul, it is possible to do better if one of the favourites has a problem. We therefore need to be ready for any chance that comes our way."
The two-time champion admitted he has been happy with his team's progress since the start of the season.
"I am really happy," said Alonso in a team preview. "In Turkey we showed that the progress we made in Spain was not simply a coincidence. I scored three points, although it's fair to say that the problem Heikki had at the start of the race helped me.
"These are three very important points and it's proof that we are improving and fighting back. There is still a lot to do before we can fight at the front, but we are moving in the right direction and we are more determined than ever to get there."
Teammate Nelsinho Piquet, under pressure after a difficult start to the season, said his goal for Monte Carlo will be to score his first points of the year.
"I will approach the race in my usual way by trying to do the best job I can for the team. It would be great if we can score some points and that will be my goal, so I will need to qualify well, hopefully in the top ten, and then try and have a consistent race."
The Brazilian confessed his season has not gone to plan, but he is hoping to bounce back using the experience he has gained so far.
"It has not been an easy introduction to Formula One," he said. "I've made a few mistakes, had some bad luck and this is not how I imagined my first five races as a Formula One driver.
"But the important thing is that I have gained some valuable experience, and learnt some lessons, which I hope will allow me to become a stronger driver for the rest of the season."
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