Folarin Balogun is expected to undergo a medical with AS Monaco this weekend ahead of his permanent transfer to the Ligue 1 club.

NUREMBERG, GERMANY: Folarin Balogun of Arsenal FC controls the ball during the pre-season friendly match between 1. FC Nürnberg and Arsenal FC at Max-Morlock Stadion on July 13, 2023. (Photo by Alex Grimm/Getty Images)
NUREMBERG, GERMANY: Folarin Balogun of Arsenal FC controls the ball during the pre-season friendly match between 1. FC Nürnberg and Arsenal FC at Max-Morlock Stadion on July 13, 2023. (Photo by Alex Grimm/Getty Images)

Fabrizio Romano reports that Folarin Balogun is expected to hold a medical with AS Monaco this weekend, before signing on a long-term deal with the Ligue 1 club.

David Ornstein had previously reported that Balogun would sign a five-year contract with Monaco.

Romano adds that Arsenal have a €40m (£34.3m) agreement with Monaco, including add-ons, and the Gunners also have a “significant” sell-on clause in the contract.

Folarin Balogun Arsenal exit -Reims' English forward Folarin Balogun celebrates after scoring a goal during the French L1 football match between AS Monaco and Stade de Reims at the Louis II Stadium (Stade Louis II) in the Principality of Monaco on March 12, 2023. (Photo by VALERY HACHE/AFP via Getty Images)
Reims’ English forward Folarin Balogun celebrates after scoring a goal during the French L1 football match between AS Monaco and Stade de Reims at the Louis II Stadium (Stade Louis II) in the Principality of Monaco on March 12, 2023. (Photo by VALERY HACHE/AFP via Getty Images)

The news of an agreement brings 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.

WASHINGTON, DC - JULY 18: Folarin Balogun #26 of Arsenal FC looks on during the MLS All-Star Skills Challenge between Arsenal FC and MLS All-Stars at Audi Field on July 18, 2023 in Washington, DC. (Photo by Tim Nwachukwu/Getty Images)
WASHINGTON, DC: Folarin Balogun #26 of Arsenal FC looks on during the MLS All-Star Skills Challenge between Arsenal FC and MLS All-Stars at Audi Field on July 18, 2023. (Photo by Tim Nwachukwu/Getty Images)

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

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.