The excitation of the isoscalar giant monopole resonance (ISGMR) in $^{116}$Sn and $^{208}$Pb has been investigated using small-angle (including $0^circ$) inelastic scattering of 100 MeV/u deuteron and multipole-decomposition analysis (MDA). The extracted strength distributions agree well with those from inelastic scattering of 100 MeV/u $alpha$ particles. These measurements establish deuteron inelastic scattering at E$_d sim$ 100 MeV/u as a suitable probe for extraction of the ISGMR strength with MDA, making feasible the investigation of this resonance in radioactive isotopes in inverse kinematics.