The Hale End Academy product joined Stade de Reims on a season-long loan last August without an option to buy included in the deal, and Marseille want to sign him on a similar contract.
Marseille on the other hand seem to still be shopping for a striker after missing out on Terem Moffi during the January transfer window.
Balogun extended his contract with Arsenal in April 2021, a deal that will keep him at the Emirates Stadium until June 30, 2025.
According to Marseille-based newspaper, La Provence, Marseille would like to sign Balogun in the off-season but another loan move on those terms looks complicated.
Another option would be to sign him on a permanent basis but Marseille could be priced out of a deal, with Arsenal reportedly valuing their academy product in the region of 40 million euros.
Balogun has been one of the revelations this season in the French Ligue 1, scoring 16 goals and setting up two more in 26 appearances.
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