AS Monaco has earmarked Balogun as their main target this summer.
The French club is battling Inter Milan and a few Premier League clubs to win the race for the youngster’s signature this summer.
Balogun has impressed in his loan spell with Reims last season scoring 21 goals in the Ligue 1 for the French club.
The 22-year-old forward is currently injured but the Gunners are demanding around 50m euros for the USMNT star.
Monaco’s opening bid of €40 million was rejected but the French club is determined to come up with a better offer.
But the Ligue 1 giants will face stiff competition from Inter Milan who are on the lookout for a striker after Romelu Lukaku rejected a return to San Siro.
Balogun is currently deemed surplus at Arsenal and offloading him would be the best business decision for the North London club
Journalist Rudy Galetti said: “New developments are for sure expected in the next few days and Arsenal would like to sell Balogun this summer because he’s not in Arteta’s plans.
“There is a high chance that with little game time, his value may decrease in the next month and that’s why Arsenal don’t want to miss out on a potentially important sale.”
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