The 22-year-old striker has been linked with clubs across Europe during the current window – with teams from England, France, Italy and Germany all casting admiring glances in his direction. No deal has been done as Arsenal have been holding out for a fee above the £40 million ($51m) mark.
Further talks are planned between Monaco and Arsenal, with a payment structure needing to be put in place. With the player keen to secure a switch, as he targets regular first team-team football in 2023-24, the expectation is that a compromise will be reached before the summer deadline.
Getty
WHAT HAPPENS NEXT?
Balogun is under contract at Arsenal until 2025, but he faces competition for places in north London from the likes of Gabriel Jesus and Eddie Nketiah – meaning that he was always likely to move on in the current window.