The Spaniard will compete in the Indianapolis 500 on the same day.
"I'm thrilled to be making a one-off return to Formula One racing, and I couldn't think of a better place to make that return than my adopted home Grand Prix: Monaco," said the 2009 world champion in a statement at the Bahrain Grand Prix.
Monaco resident Button, who handed over his McLaren seat to Belgian rookie Stoffel Vandoorne at the end of last season while remaining under contract to the team, won the showcase race in 2009 with Brawn GP.
Honda-powered McLaren have endured a tough start to the season, with no points from two races, but slow speed Monaco could suit their car better and is also a track where drivers can stand out.
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