A device for monitoring tires for vehicle wheels, includes: an electronic unit adapted to detect at least one characteristic quantity of a tire and to transmit at least one corresponding parameter representative of said detected quantity; a connection element to keep the electronic unit constrained to an internal surface of the tire, the connection element including a first portion having a base surface adapted to be secured to the inner surface of the tire, and a cavity for housing the electronic unit wherein the first portion has at least one slot interposed between the electronic unit and the projection thereof on the base surface, the slot having a distal profile relative to the electronic unit which is entirely contained in the base surface. A tire for vehicle wheels provided with the monitoring device and a method for installing the electronic unit in the tire.