Alonso emerged victorious round the streets of the Principality with Renault in 2006 and McLaren a year ago as team orders kept a charging Lewis Hamilton at bay.
Now with Renault again, it is inconceivable Alonso will make it three in a row as the French marque have struggled to keep pace with front-running Ferrari, McLaren and BMW Sauber this season.
However, there were signs at the last race in Istanbul that the double world champion and the team are beginning to find their feet and make their mark.
As far as the Spaniard is concerned, he is arguably the happiest he has been this year.
"In Turkey we showed the progress we made in Spain was not simply a coincidence," reflected Alonso on his sixth-place finish at the Istanbul Park circuit.
"I scored three points, although it's fair to say that the problem Heikki (Kovalainen) had at the start of the race helped me.
"But they were three very important points, and it's proof 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 are more determined than ever to get there.
"Although we have progressed, we are still behind Ferrari, McLaren and BMW.
"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."
Although Alonso is fully expecting to be behind the leading trio of teams, he knows the circuit's unpredictability can throw up a strange set of circumstances and results.
"It is an unusual circuit, and I have some good memories there because to win in Monaco is very special for a driver," added Alonso.
"It's a race I enjoy because the atmosphere is unique and driving through the town is very exciting.
"It's also a race where you cannot afford to make any mistakes, and this year the race promises to be very interesting."