At the start of the 2003–04 season, it was evident Morientes was not part of Real's plans. After extensive but ultimately unsuccessful negotiations regarding a loan deal with Germany's FC Schalke 04, he was loaned to Ligue 1 side AS Monaco FC, where he performed very well, netting ten times from 28 appearances in the league. It was in the Champions League, however, that he really made an impact, finishing as top scorer at nine goals: Monaco met Real Madrid in the quarter-finals, where he scored a vital away goal in the first leg (2–4 away loss); in the second match he again found the net as his team won 3–1, taking the aggregate score to 5–5 (away goals rule victory). He also scored in both games of the last-four win against Chelsea, but could not prevent a 3–0 defeat in the final to FC Porto, played at the Arena AufSchalke in Gelsenkirchen.