The 19-year-old's existing deal with Mikel Arteta's side is due to expire this summer, meaning that he is currently able to discuss terms with foreign clubs over a free transfer.
Romano has denied that RB Leipzig have lodged an offer for the teenager, but the well-respected journalist has said that a number of teams are in the hunt for his services.
"Folarin Balogun has received more than 15 bids as a free agent for next summer. His contract situation with Arsenal is stalling, still complicated because he wants to play. RB Leipzig have *not* made an official bid to sign Balogun as of today," Romano posted on his official Twitter account.
Balogun has scored twice in five appearances for Arsenal during the 2020-21 campaign, including two goals and one assist in four Europa League outings.
The England Under-20s international has not featured in the Premier League this season, though, and looks set to be on his way out of the Emirates Stadium later this year.