Journalist Fabrice Hawkins has shared on Twitter that French side Monaco have seen an offer turned down by Arsenal.
The future of Folarin Balogun has been one of the big talking points of the summer for Arsenal.
After a stunning season for Stade Reims last season, all eyes were on whether Mikel Arteta would re-integrate him into the squad.
All the signs this pre-season have suggested that looks unlikely to be the case.
Balogun has barely featured this summer, despite Gabriel Jesus picking up an injury and requiring minor surgery.
The arrival of Kai Havertz means Arsenal have another player who can play as a centre-forward, alongside Eddie Nketiah.
Arsenal have now rejected a bid from Monaco for Balogun, but that might not be the end of the saga.
The Gunners will want to find a solution this summer to sell one of their most exciting youngsters while his stock is so high.
Arsenal have rejected Balogun bid
Posting on social media, Hawkins said: “Arsenal turned down a nearly €40m [£34.4m] offer from Monaco for Balogun
“The leaders of the ASM will return to the charge. They have an agreement in principle with the player but face competition from several clubs including Inter Milan.”
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Monaco have made a decent bid for the ‘frightening’ forward, but with a few weeks left in the transfer window, Arsenal may feel they can extract more cash for the 22-year-old.
The ideal scenario for Arsenal will be a bidding war breaking out between Inter and Monaco.
However, both sides will likely have other targets they could pursue and the Gunners won’t want to price Balogun out of a move.Inter boss Simone Inzaghi has admitted he’s worried about his side signing Balogun this summer.
That may mean that even though Arsenal rejected Monaco’s first big, the French Riviera could be Balogun’s most likely destination.
It will be interesting to see if he’s included in the matchday squad on Saturday against Nottingham Forest.
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