"The decision comes after the dramatic events in Paris," the club said, referring to the deadly attacks on Friday night that left 129 people dead and hundreds injured.
The subsequent investigation has focussed on the notorious Molenbeek area of Brussels, leading to raids and arrests in the search for people suspected of involvement in the atrocity.
The prime suspect Salah Abdeslam is a Belgian national who fled to his homeland after the attacks.
"UEFA and Anderlecht have been informed of our decision," the club added.
Monaco have said any Belgians having purchased tickets for the November 26 match will be fully reimbursed.
Monaco are second in Group J on six points, one less than Tottenham Hotspur while Anderlecht are third on four, level with Azeris Qarabag.