Monaco is reportedly edging closer to finalizing a deal with Arsenal for the transfer of Folarin Balogun in the upcoming days.

Balogun, a forward, garnered significant interest for his signature over the summer, largely due to his impressive performance on loan at Reims during the 2022-23 season.

Despite his lack of impact at his parent club and a previous loan spell at Middlesbrough, Balogun managed to score 21 goals in Ligue 1.

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However, the possibility of returning to Arsenal’s Emirates Stadium was slim due to competition from Gabriel Jesus and Eddie Nketiah, coupled with the player’s reluctance to sign a new contract.

Consequently, Arsenal has actively sought to secure a substantial fee for the academy graduate’s transfer, a move deemed necessary to bolster their squad before the close of the transfer window.

If reports are accurate, a price range of £45 million to £50 million has been established, an amount that Lens declined to meet, though Chelsea purportedly considered.

David Ornstein of The Athletic has indicated that Monaco is on the verge of winning the pursuit for the United States international’s signature.

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While no specific fee has been agreed upon yet, indications suggest that it’s more of a formality before the deal’s completion.

Allegedly, Balogun is set to sign a five-year contract with Monaco, who have begun their Ligue 1 campaign with two victories and seven goals scored.

French journalist Fabrice Hawkins has reported that Monaco will pay €45 million (£38.56 million), including bonuses, to secure the transfer.

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During his tenure at Arsenal, Balogun amassed 209 minutes across 10 appearances, contributing two goals and one assist during the 2020-21 Europa League.

These contributions occurred in away matches against Molde and Dundalk. However, his last competitive appearance for Arsenal was in an EFL Cup quarter-final match against Sunderland in December 2021.

Monaco seeks to add a new forward to compete with Wissam Ben Yedder and Myron Boadu, given that Breel Embolo is sidelined with a knee injury.