Folarin Balogun is expected to hold a medical with AS Monaco on Tuesday, with claims his move could be worth as much as €45m.

Fabrizio Romano reports that Folarin Balogun is set to travel to Monaco on Tuesday to undergo a medical and complete his permanent transfer to the club.

According to Romano, the deal is worth €40m (£34.3m) in total, and Arsenal also have a sell-on clause in the deal.

But whilst Fabrice Hawkins of RMC Sport confirms that Balogun is expected in Monaco on Tuesday to sign a five-year deal, Hawkins claims the total cost of the transfer is estimated at €45m (£38.6m).

Either way, the medical and contract signing will bring to an end a summer of speculation over Balogun’s future. As well as Monaco, there were strong links to Inter Milan and almost every club in London.

West Ham United appeared to be the Premier League frontrunners for Balogun’s signature for a while, Crystal Palace made enquiries, and Fulham considered Balogun as a replacement for Aleksandr Mitrovic.

But most notably, Chelsea and Tottenham Hotspur both made approaches to Arsenal to try and establish the viability of a transfer.

In both cases, Arsenal quoted a much higher asking price, which seemingly put the two clubs off.

In the end, Balogun is set to return to Ligue 1 with Monaco, in a deal that should suit Arsenal quite nicely.

Well over £30m for an academy player is nothing to be sniffed at, with a sell-on clause to potentially bring more in later. To get that kind of money from a Ligue 1 club not named PSG is also not an easy task.

With Balogun leaving the Premier League, Arsenal also aren’t likely to face off against their former player very often, which will please the fans.

Balogun scored 22 goals on loan with Stade de Reims last season, making 39 appearances in all competitions.