Fernando Alonso has been given the green light by the team, who are yet to pick up a point after two races in the Formula 1 calendar.
The Spaniard will race for the Andretti team and his Honda-powered car will be branded a McLaren, who have not featured in the showdown for 38 years.
A statement from McLaren read: “Since the Indianapolis 500 will take place on May 28, the same day as the Monaco Grand Prix, Fernando will not race at Monaco this year. The Indianapolis 500 will be the only 2017 IndyCar race in which Fernando will compete, however, and the Monaco Grand Prix will therefore be the only 2017 Formula 1 race in which he will not compete.”
The double F1 world champion added: “The Indy 500 is one of the most famous races on the global motorsport calendar, rivalled only by the Le Mans 24 Hours and the Monaco Grand Prix and it’s of course a regret of mine that I won’t be able to race at Monaco this year.
“But Monaco will be the only 2017 Grand Prix I’ll be missing, and I’ll be back in the cockpit of the McLaren-Honda MCL32 for the Canadian Grand Prix in Montreal in early June. I’ve never raced an IndyCar car before, and neither have I ever driven on a super-speedway, but I’m confident that I’ll get to grips with it fast.”
McLaren will announce Alonso’s replacement for the Monaco GP in “due course”.