Folarin Balogun will officially complete his move to AS Monaco today, after passing a medical to join the Ligue 1 club on Tuesday.

Fabrizio Romano reports that Folarin Balogun will officially sign on as an AS Monaco player on Wednesday, after completing his pre-transfer medical on Tuesday.

Romano adds that Arsenal will receive a package worth €40m (£34.3m) for the sale, including add-ons. The Gunners will also have a sell-on clause.

There has been some dispute over the exact fee, with Fabrice Hawkins of RMC Sport claiming the total cost of the transfer could be closer to €45m (£38.6m).

But most other sources seem to agree that €40m is the correct figure.

The eventual announcement 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.