AS Monaco are closing in on a deal to sign Folarin Balogun from Arsenal with the forward set to undergo a medical with the Ligue 1 side.
Arsenal have received offers from a number of clubs for the USA international who impressed on loan at Reims last season.
Balogun scored 21 league goals for the French side and divisional rivals Monaco are now nearing an agreement to sign the 22-year-old on a permanent basis.
The Athletic are reporting that the final fee is still to be agreed between the clubs but it is expected to be in the region of £40m.
Monaco have targeted a deal for Balogun after forward Breel Embolo sustained an ACL injury and look set to beat competition from Inter Milan to the signing of the Arsenal academy graduate.
Chelsea, West Ham and Fulham had also been linked with moves for Balogun, who represented England up to u-21 level before changing his international allegiance to the USA – the nation of his birth – earlier this year.
Balogun is set to sign a five-year deal with Monaco and will look to build on an impressive season in France, where only Kylian Mbappe, Alexandre Lacazette and Jonathan David outscored the forward in 2022/23.