This paper proposes the adoption of Monte Carlo perturbation theory to approximate the Jacobian matrix of coupled neutronics/thermal-hydraulics problems. The projected Jacobian is obtained from the eigenvalue decomposition of the fission matrix, and it is adopted to solve the coupled problem via the Newton method. This avoids numerical differentiations commonly adopted in Jacobian-free Newton–Krylov methods that tend to become expensive and inaccurate in the presence of Monte Carlo statistical errors in the residual. The proposed approach is presented and preliminarily demonstrated for a simple two-dimensional pressurized water reactor case study.