Fernando Alonso was given permission to take part in the Indianapolis 500, which is held on May 28 – the same day as the race in Monaco.
Alonso will continue with his F1 commitments as normal after the Indy 500, so Button’s return will be for this grand prix only.
Jenson Button said: “I’m thrilled to be making a one-off return to Formula 1 racing, and I couldn’t think of a better place to make that return than my adopted home grand prix: Monaco.
“I’ve won the race before, in 2009, and it’s one of my all-time favourite racetracks. It’s a tricky street circuit on which a good driver can really make a difference, and although the McLaren-Honda MCL32 hasn’t begun the season well, I think it may be more suited to Monaco than to the faster circuits that Fernando and Stoffel [Vandoorne] have raced it on so far this season.
“OK, I realise we won’t have a realistic chance of repeating my 2009 victory, but I think we’ll have a opportunity to score world championship points, which will be very valuable to the team in terms of constructors’ rankings. As for Fernando, I hope he not only fares well at Indy but enjoys it too. It’ll be a great experience for him.”
The British driver retired from Formula 1 at the end of last season, but kept an agreement with McLaren that he will compete if called upon.