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The Blue Monkey is a diamond embedded in a Monkey-like statue. It had the supernatural ability to turn people into monkeys and back into people. It is featured in Looney Tunes: Back in Action.
The Blue Monkey is stolen by Mr. Chairman so he could plant it into a satellite and turn all inhabitants of Earth into monkeys. He could then enslave them and have them build more ACME products. He would then change them into people and sell them. It is protected by traps and weapons to keep it from being stolen. When Bugs and co. made it past its defences, Mr. Chairman took it but was unsuccessful in his plans. The Blue Monkey was then lost in space.