The USMNT forward has impressed in his loan spell with Reims last season scoring 21 goals in the Ligue 1 for the French club.
Ligue 1 giants Monaco made a bid of €40 million which was rejected but the French club is determined to come up with a better offer.
A summer departure is most likely on the cards for Balogun who is way down the pecking order at Arsenal.
A £50m asking price was set by the Gunners and sources confirmed that Chelsea made contact with Balogun’s representatives.
Journalist Dharmesh Sheth revealed that one of his sources told him that Chelsea are interested in the frustrated winger.
Mikel Arteta is keen to recoup some funds they used to bring in some players this summer window.
Balogun is under contract until the summer of 2025 and Arsenal are firm on their asking price of £50m.
“Just one development while we are on air, and this is from one source only before we go and it says Chelsea have an interest in Folarin Balogun. No bid made, but interest is real,” Sheth said.
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