Balogun, 22, spent last season on loan in France with Stade Reims, netting 22 goals and attracting interest from a number of European heavyweights as a result.
Arsenal were forced to make a decision on his future and ultimately opted to cash in on Balogun, striking a deal to send him to Monaco for an initial £26m after deciding to retain their faith in Gabriel Jesus and Eddie Nketiah.
Speaking to ESPN, Balogun claimed that Arsenal boss Mikel Arteta was keen to work with him but those in charge at the Emirates ultimately intervened.
"[Arteta] didn't really say much, he just said that - when I came back he just said well done, and he encouraged me to keep going," Balogun explained. "Then me coming back in a pre-season, it was just more about me seeing whether I fit into his plans and seeing if I can continue to play some games.
"He said that he would try to get me involved as best as he could, but of course he also told me that the people higher up were making decisions on me and seeing what would be best for me. So the conversations between me and him were good, but it was more about the club, what they wanted to do.
Balogun ultimately left for Monaco, where he has scored three goals in his first five games - a run which has also included two penalty misses - but both Inter and Chelsea had held talks earlier in the summer.
"It [his future up in the air] wasn't something that made me feel anxious, it was just more a case of seeing what wanted to be done," Balogun said. "It was out of my hands, that's how I felt. It wasn't something I could control.
"The only thing I could do was just turn up to train and work hard. So I did that. And then after training, I enjoyed being back in London. I saw my friends, caught up with my family."
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