According to newspaper Correio da Manhã, the star will be neighbours with French fashion designer Christian Louboutin.
The newspaper also claims the stunning actress has already enrolled her two daughters, Deva, 12, and Léonie, 6, in an international school.
Monica Bellucci joins a long list of celebrities who have a home in Portugal, such as French footballer Eric Cantona, French designer Philippe Starck, British singer Cliff Richard and Swedish football coach Sven-Göran Eriksson.