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

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.

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.

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.