Hall relinquished the belt to Paul Butler in June, but after Butler returned to super-flyweight, the North-East fighter has been given an immediate chance to become world champion for a second time and he is looking forward to fighting outside of Great Britain for the first time.
At the pre-fight press conference earlier on Wednesday, the 34-year-old said: "I'd like to thank my promoter Dennis Hobson for getting me this opportunity. Monte Carlo is as good as Las Vegas in my eyes.
"I feel in the best shape ever. I've had some great sparring and I feel really refreshed. I'm hungry to get my belt back.
"I'm in the same scenario even if I had beat Butler, I'd still have to face Caballero, but I have a different team and a stronger case to win this title back."
Hall enters the fight with a record of 16 wins and three draws from 21 matches, while Caballero is unbeaten in the same number of contests.