Arsenal reject offer worth nearly £34 million for 22-year-old attacker – Reports

Arsenal have allegedly rejected an offer worth around £34 million from AS Monaco for in-demand striker Folarin Balogun.

Balogun, 22, has emerged as a potential summer sale at the Emirates Stadium as he is aiming to secure regular minutes next season. He is said to be keen to build on his stellar campaign spent out on loan at Stade de Reims last time around at a brand new club this summer.

Last season, the two-cap USA international turned heads with his excellent outings for Reims. He netted 22 goals and laid out three assists in 39 appearances across all competitions for the Ligue 1 outfit.

According to RMC Sport reporter Fabrice Hawkins, Arsenal have snubbed an initial bid in the region of £34 million from Monaco for Balogun. They are likely to receive an improved offer from Adi Hutter's outfit, who have an agreement in principle with the player.

However, Monaco are unlikely to be unopposed in their pursuit of the American in the ongoing summer transfer window. They are expected to face tough competition from Inter Milan prior to the deadline day.

Should Balogun secure a move to Les Monegasques this summer, he could prove to be a spectacular coup for them. He would fill the void left by Breel Embolo, who is currently recovering from a serious anterior cruciate ligament injury, and partner Wissam Ben Yedder.

So far, Balogun has scored twice in 209 minutes of action for Arsenal.

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Arsenal could opt to retain Folarin Balogun

Speaking to GiveMeSport, journalist Ryan Taylor asserted that Arsenal boss Mikel Arteta could keep hold of Folarin Balogun due to Gabriel Jesus' recent ankle issue.

He elaborated:

"The player who is actually key to this is Folarin Balogun. The fact that Gabriel Jesus is injured would, from the outside looking in, probably be a bit of an opening of the door for him to maybe prove his worth and get into the team."

Shedding light on Balogun's reported steep price tag, Taylor continued:

"But Mikel Arteta says that the plan hasn't changed for him, and from what I understand Arsenal are open to permanent offers for Balogun. And they're not going to command a cheap fee, it's going to be upwards of £40 million."

Claiming that Balogun could remain at the Emirates, Taylor concluded:

"Ultimately, I think, if they don't receive that money, I think he'll stay, but it's a situation where he's not going to be playing football. He's not really keen on another loan, but Balogun is 100 percent a player to watch in the final weeks."

Balogun, whose current contract is set to expire in June 2025, initially shot to fame due to his stellar outings in age-group matches for Arsenal. He scored a whopping 75 goals and contributed 18 assists in 103 combined U21 and U18 appearances for the north London outfit.