Eloi, who can play on the flank or as an out-and-out attacker, is surplus to requirements with the French champions and they are looking to offload him.
With the transfer window now passed, a move to England is the only real option, and Jean-Louis Campora has confirmed that negotiations are underway with an un-named club.
"We have been in discussions for two or three days with an English side for the loan of Eloi, who wants to leave," he stated.
The Haiti-born 27-year-old was formerly with Lens and Nancy, and he has twice lifted the French title during his career.
As for Contreras, a fake passport scandal has wrecked any hopes he had of clinching a lucrative transfer away from the Principality.
"We cancelled the contract because we knew we would have to register a complaint," Campora added. "And we will not do that against one of our players.
"Anyway, with the Christian Panucci arrival, we thought about a departure. We were in negotiations with Italian and English clubs, but I stopped everything when we knew of the problem.
"We did not want to be responsible for the transfer of a player with a dubious nationality.
"We brought Contreras from Colo Colo for 15 million francs. We want the persons responsible unmasked and pay back our money."
As for Monaco`s problems, he commented: "I am not worried. We have good players and, if we are a little more lucky, as against Bastia, everything will get better.
"Claude Puel is not threatened. He still has one year of his contract left at the end of the season. He will stay until the end. Even if the club play in Division Two next season."
Meanwhile, Hassan El-Fakiri will be sent out on loan to a Norwegian side until June 30.
