The Thai capital is already home to major contemporary art events including the Bangkok Art Biennale.
Leigh Carmichael, chief executive and creative director of MONA's subsidiary DarkLab, says the expansion project will take the creative spirit of the Hobart museum into a new context.
"It will be unconventional and unique, and will present work by leading international artists while also creating opportunities for meaningful dialogue with Thai artists, audiences and cultural traditions," he said.
Mona was opened in 2011 by entrepreneur David Walsh in bushland overlooking the River Derwent.
Popular with visitors for its provocative installations including the famed wall of vulvas, MONA is also the creative force behind Hobart's mid-winter Dark Mofo festival, which features the city's annual nude solstice swim.
It's intended for the Thai museum to be constructed on the banks of the Chao Phraya River.
Thai real estate company Asset World Corp, majority-owned by billionaire Charoen Sirivadhanabhakdi, will partner in the development.
The two parties have signed a memorandum of understanding in Bangkok.
"Having spent most of the last 25 years studying how museums work, AWC has presented us with a remarkable opportunity to take what we've learned to one of the great tourist centres of the world," White said.
Tasmanian Premier Jeremy Rockliff has welcomed the landmark partnership, describing it as a defining moment for the island state's cultural and economic future.
Speaking in Bangkok, he said the project would create economic and cultural activity for Tasmania and strengthen ties with Thailand.
"MONA has transformed Tasmania, attracting visitors from around the world and helping establish the State as a globally recognised creative destination," Mr Rockliff said.
"MONA's next project places Tasmania at the global forefront of the cultural landscape and is a credit to the passion of David Walsh, Leigh Carmichael and all the MONA team."
It's understood AWC and MONA first connected during a 2025 Tasmanian government trade and investment mission.
After more than four years of construction, MONA opened its new library featuring Walsh's personal collection in June.
With a price tag of more than $100 million, the half-underground extension features an R-rated section and original handwritten David Bowie lyrics.
Its creation involved the excavation of eight Olympic swimming pools' worth of rubble.
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