Arsenal have turned down an offer of almost €40m from AS Monaco for Folarin Balogun, but the Ligue 1 club are expected to return.

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)

Fabrice Hawkins of RMC Sport reports that Arsenal have turned down an offer of nearly €40m (£34.5m) for Folarin Balogun from AS Monaco.

Monaco reportedly intend to return for the player, after reaching an agreement in principle on personal terms, but they face competition from other clubs including Inter Milan.

This follows a report from David Ornstein that Arsenal had rejected a written bid and a verbal offer from Monaco in the days since the friendly between the two clubs.

Ornstein had written that Monaco’s pursuit remained ongoing, with the sporting directors at Arsenal and Monaco having a good relationship.

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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)

Ornstein also mentioned the interest from Inter Milan, but added that it’s not clear whether the Serie A side can actually afford a deal.

Inter turned back to Balogun after their pursuit of Gianluca Scamacca failed, with the West Ham United striker signing for Atalanta instead.

But Inter had initially opted to pursue Scamacca in the first place because they were unwilling to meet Arsenal’s demands for Balogun.

Assuming that’s still the case, with Monaco entering the race and placing formal offers, there’s little reason to believe Inter’s chances of a deal have improved at all.

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 in the Principality of Monaco on March 12, 2023. (Photo by VALERY HACHE/AFP via Getty Images)

CBS Sports previously reported that Arsenal have a £50m valuation on Balogun, much higher than Inter reportedly planned to bid, and the Gunners know he also has admirers in the Premier League, including Brighton, Crystal Palace, and West Ham United.

As it stands, none of the Premier League clubs seem to have made a move, but that could still change.

For the time being, Balogun is out injured, training separately from the main Arsenal group.

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

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