Monaco 'reach full agreement for Folarin Balogun deal'
The 22-year-old enjoyed a breakthrough campaign in senior football while on loan from the Emirates Stadium at Reims last season, scoring 21 goals in 37 Ligue 1 appearances for Will Still's side.
Balogun also had an eventful term on the international stage, pledging his allegiance to USA, before making his debut for the Stars and Stripes in June against fierce rivals Mexico.
The forward is set to leave North London having played in just 10 games for the Gunners, scoring twice during a two-and-a-half-year spell on the fringes of the club's first team.
According to Italian journalist Fabrizio Romano, Arsenal and Monaco have agreed a deal for the permanent transfer of Balogun to Ligue 1 in the closing stages of the summer window.
The report claims that Rouges et Blancs will pay a €40m (£34.3m) package — including add-ons — for the former Middlesbrough loanee, as Adi Hutter's side look to pose Paris Saint-Germain a serious threat at the top of the division this term.
It is understood that Balogun is scheduled to complete the relevant medical tests in France this weekend, and should all be well, the striker's arrival at the club will be confirmed.
Mikel Arteta's men have reportedly included a hefty sell-on clause in the deal for the forward, meaning that the North Londoners will be in line for a significant windfall should the player move on in the future.
It was suggested earlier this month that Arsenal's London rivals Chelsea could enter the race for Balogun, with some reports claiming that the Blues made contact with the Gunners over a potential deal.
Tottenham
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