The 17-year-old winger had appeared close to a move to the Emirates Stadium, but Manchester City swooped late in the process to secure his signature for a fee of £10m plus add-ons, a valuation Arsenal were unwilling to match.
Monga broke through at Leicester last season, making 27 appearances in the Championship, eight of them starts, and contributing one goal and two assists as the Foxes were relegated from the Premier League. He is the third-youngest player in Premier League history, having made his top-flight debut against Newcastle United in April 2025 aged just 15 years and 271 days.
Monga revealed how advanced his talks with Arsenal had been before City's late intervention changed his mind.
"It (Arsenal's interest) was very strong because it was very close for me to go there, very close," he said. "It was a no-brainer when City called."
The teenager explained what ultimately swayed his decision.
"The biggest decision was probably the pathway to the first team and the club itself. They have been so successful that it was a no-brainer when City called. It's every kid's dream to win titles and be at the top with the best," Monga said.
He added that instinct also played a part in his choice: "Once I get the chance, I just need to show myself, and once I do that everything will sort itself out. I feel like I personally see myself more at City. I see myself in blue."
City's director of football, Hugo Viana, said the club had been tracking Monga's progress closely before completing the deal.
"Jeremy is an exciting player who has already made huge strides in his young career. We were already very aware of him as a club and we have seen his ability first-hand from his time at Leicester. At 17 years old, we feel he is only going to continue to improve and that this is the correct next step in his career. We look forward to supporting him on every step in his journey."
Monga has signed a contract running until the summer of 2031, tying him to the Etihad Stadium for the next five years as he looks to establish himself under new head coach Enzo Maresca.