Spurs travel to the Stade Louis II to take on the big-spending French outfit ahead of the new Premier League campaign.
"This is a friendly, but it should be like a European fixture," Lloris told the club's official website.
"Monaco is a big club with a big history in France. They came from Ligue 2 but they have changed owner and now they have money to build a big team.
"They've showed that in the window with the likes of [Radamel] Falcao, [Jeremy] Toulalan, [Eric] Abidal, [James] Rodriguez, [Joao] Moutinho. It's a fantastic team and they should be a big challenger for Paris Saint-Germain in France next season."
Spurs start the new league campaign with a trip to Crystal Palace on August 18.