The £80 million project will see new secondary schools for both towns, with additional upgrading work to some of its feeder primary schools.
Plans for the new schools will be completed in July and ready for submission for planning approval in August.
Construction for both schools is due to start in February 2015, with completion due at the end of 2016.
Planning permission has also been submitted for a brand new 21st century school in Raglan.
The new Raglan Primary School, pictured above, will be built on a separate site to the existing school and will offer an up to date learning environment as well as community facilities.
The school is due to be completed in June 2015.
Councillor Liz Hacket Pain, Cabinet member for schools and learning, said: "This is brilliant news and builds on our solid track record of building the most modern schools in the UK.
"At one point in this we'll be building three new schools at the same time. But I'm very confident in our ability to deliver on this very ambitious project.
"We're spending a lot of money on delivering the best possible schools to Monmouthshire. But we want more. So we have specified that 75 per cent of the project's supply chain is kept local, ensuring that the county receives the maximum benefit from this huge expenditure."
Preliminary work has already begun for the rebuild of Chepstow School and King Henry VIII school in Abergavenny.
Plans will be drawn up once construction work begins in Monmouth and Caldicot.

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