The gunners rejected this to get Monaco to return with an improved offer for the United State of America’s international.
Balogun, 22, has emerged as a top transfer target for the French club following his successful loan spell with domestic rivals Reims last season.
According to DailyMail, the USA striker, who was born in New York City but grew up in London, registered 22 goals in 39 appearances for Reims in the 2022-23 season, finishing as the team’s top scorer in all competitions.
Now Monaco is looking to bring him back to France before the summer transfer window closes at the end of the month, but this time on a permanent basis.
Mail Sport revealed last week that Arsenal had rejected an opening offer which fell short of their $63m (£50m) valuation for Balogun, who still has almost two years to run on his contract.
However, Monaco is now set to launch a new bid after talks between the two clubs’ sporting directors – Arsenal’s Edu and Monaco’s Thiago Scuro – continued with a view to finding a compromise.
Amid his search for more regular first-team minutes, Balogun is expected to leave the Emirates Stadium this summer having entered the final two years of his deal.
Since making his debut in October 2020, he has only made another nine appearances for the Premier League club, seven of which have come in cup competitions.
There is also fiercer competition in north London this season after Arsenal added $83m forward Kai Havertz to an attack already containing Gabriel Jesus and Eddie Nketiah.
Monaco are not the only club interested in Balogun, nevertheless, with Arsenal’s bitter rivals Tottenham Hotspur also in the race for his signature.
Shock reports emerged in Italy over the weekend claiming Spurs are weighing up a potential move for the player amid their search for a new striker.
After Harry Kane waved goodbye to the club to join Bayern Munich last week, Tottenham chiefs have pinpointed Balogun as a possible replacement along with Chelsea flop Romelu Lukaku and Porto star Mehdi Taremi.
