The Gunners will reportedly receive €40m.
Arsenal confirmed the news in a statement on Wednesday which read: ‘Folarin Balogun has joined Ligue 1 side AS Monaco in a permanent transfer.
‘The 22-year-old forward joined us at the age of ten and developed through our academy, enjoying success in all age categories in youth football, signing his first professional contract with us in February 2019. ‘Folarin made his senior debut for us when he came on as a substitute in our 3-0 home win against Dundalk in the UEFA Europa League in October 2020. It was the same competition which saw Balogun score his first senior goal for the club, just under a month later in a 3-0 away win in Norway against Molde.‘In January 2022, Balogun joined Championship side Middlesbrough on loan for the second half of the 2022/23 campaign, which provided an opportunity to gain valuable experience.
‘A further loan spell was enjoyed last season, with Balogun joining Ligue 1 side, Stade de Reims. It was a campaign which showcased Folarin’s talents. ‘He finished joint fourth in the French league’s goal scoring charts with 21 goals from his 37 appearances.
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