In this paper, we study the minimal cost constrained input-output (I/O) and control configuration co-design problem. Given a linear time-invariant plant, where a collection of possible inputs and outputs is known a priori, we aim to determine the collection of inputs, outputs and communication among them incurring in the minimum cost, such that desired control performance, measured in terms of arbitrary pole-placement capability of the closed-loop system, is ensured. We show that this problem is NP-hard in general (in the size of the state space). However, the subclass of problems, in which the dynamic matrix is irreducible, is shown to be polynomially solvable and the corresponding algorithm is presented. In addition, under the same assumption, the same algorithm can be used to solve the minimal cost constrained I/O selection problem, and the minimal cost control configuration selection problem, individually. In order to illustrate the main results of this paper, some simulations are also provided.