The Saints are on the hunt for a new forward during the January transfer window to cope with the loss of Charlie Austin.
The former QPR man is out injured with a shoulder injury he picked up in December and he may not return for another three months.
That has forced Southampton to look at bringing in attacking reinforcements and, according to L'Equipe, they are keeping tabs on Germain.
Saints boss Claude Puel knows the 26-year-old well after working with him at Nice last season during the striker's loan spell there.
Germain has around 18 months to run on his current contract and, as he has not been offered an extension, Monaco may consider letting him go for the right price.