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French giants Monaco are close to reaching an agreement with Arsenal over the transfer of Folarin Balogun, according to The Athletic.
The United States striker had a tremendous campaign with Reims on loan last season. He scored 22 goals and provided another three assists.
Despite his showing, Balogun has no future with the Gunners. He has no guarantee of a starting spot ahead of Gabriel Jesus and Eddie Nketiah.
Arsenal have been reluctant to accept less than £50 million for Balogun in recent weeks, but seem likely to lower their demands in the near future.
Monaco recently failed with an opening bid of £35m for the 22-year-old, but they are still confident of finding an agreement with the Gunners.
A compromise is likely to be reached between the clubs as Arsenal have no intention of selling their graduate to London counterparts Chelsea.
Chelsea recently made contact with the player’s representatives, but Arsenal made it clear that they prefer to offload their striker abroad.