Arsenal REJECT offer from Monaco for Folarin Balogun, with Gunners still holding out for £50m fee to allow 22-year-old striker to leave

Monaco have had an offer for Folarin Balogun rejected by Arsenal. 

The French side, who faced Arsenal in a friendly last week, have emerged as contenders to sign the 22 year-old who impressed at fellow Ligue 1 side Reims last season.

But Monaco’s opening bid fell short of Arsenal’s £50m valuation of USA striker Balogun who scored league goals for Reims during his loan spell in France.

Talks are continuing between the two clubs’ sporting directors – Arsenal’s Edu and Monaco’s Thiago Scuro – with a view to finding a compromise.

Balogun is expected to leave this summer having entered the final two years of his contract and with the striker aiming to continue playing regular first-team football which is unlikely to be on offer at the Emirates.

Adi Hutter’s side made an initial verbal proposal for Balogun after the Emirates Cup

He is also wanted by Inter Milan, who remain in the market for a striker after losing out in the race for West Ham’s Gianluca Scamacca.

He is joining their Serie A rivals Atalanta instead.

However Inter’s interest in Balogun is complicated by their financial problems, with the Champions League runners up hoping to find a striker within their budget of around £35m.

Mikel Arteta’s side are demanding a fee of £50million for Balogun this summer