Murray reached the title match when Rafael Nadal, ranked second in the world behind Djokovic, withdrew due to a sore knee.
"I have problems with the left knee," Nadal said after announcing he would be unable to face Murray. "I have to go to the doctor, but it looks like it's nothing really, really different than what's happened a few times in the past.
"Hopefully in a few days, with a few days off and with the right treatment, I will be in the right condition to start to practice on the clay."
Nadal plans to start his clay-court season at the Monte Carlo Masters in April prior to the French Open.
Djokovic improved to 5-0 lifetime against Monaco with a 6-0, 7-6 (7-5) victory.
Both Murray, ranked fourth in the world, and Djokovic will be seeking their second championships of the year. Murray was the winner in a tuneup for the Australian Open and Djokovic won in Melbourne at the first Grand Slam event of the year.
Djokovic has taken seven of his 12 career meetings with Murray.