Monaco have reportedly submitted a £35m offer for Arsenal centre-forward Folarin Balogun.
The United States international was involved in his team's preparations for the 2023-24 campaign but is yet to feature for Mikel Arteta's side during the current season.
Balogun is officially out with a foot injury, but he is also out of favour, with Eddie Nketiah currently leading the line in the absence of Gabriel Jesus, who could be back from a knee injury next month.
Chelsea have recently been credited with an interest in the striker, with tentative talks believed to have taken place between the player's representatives and officials from the Blues.
However, according to talkSPORT, Monaco are currently at the head of the queue for the 22-year-old, viewing him as the ideal signing during the current market.
The report claims that the Ligue 1 team have placed a £35m bid on the table for Balogun, but Arsenal are believed to value him in the region of £50m.
The Gunners are in a strong position when it comes to any potential negotiations, with his contract having another two years left to run.
Balogun has been with Arsenal since 2008, progressing through the various youth sides at the club before making his first-team debut in October 2020.
The New York-born attacker has only scored twice in 10 first-team appearances for the Gunners, though, while he struggled during a loan spell at Middlesbrough in 2021-22, only scoring three goals in 20 outings.
Balogun excelled during a loan spell at Reims last term, though, scoring 22 times in 39 appearances, including 21 goals in France's top fight.
Sky Sports News reported on Wednesday morning that there had been 'positive talks' with Monaco over a move to the club before the end of the transfer window.
The attacker is said to be open to returning to France's top flight, having just enjoyed his best season in professional football while operating in the division.
Balogun has not yet been ruled out of Arsenal's Premier League clash with Fulham on Saturday, but he is unlikely to be involved amid the speculation surrounding his future.
The Gunners have collected six points from their opening two matches of the new campaign, beating Nottingham Forest 2-1 and Crystal Palace 1-0 thus far.
