The two players, both aged 23, have impressed at a variety of levels over the past few years.
Monahan, who is comfortable on the wing or at centre, was part of the Ireland Under-20 team that captured a U-20 Six Nations Grand Slam in 2007.
Of course, that young side was coached by new Connacht coach Eric Elwood and his assistant Dan McFarland.
Fanning, a winger or full-back, has impressed for the Irish Colleges side and was a constant threat for St. Mary's in the past season's AIB League. He also started for Connacht 'A' in their interprovincial win over Ulster Ravens in March.