Monaco have reportedly reached a full agreement with Arsenal over the signing of striker Folarin Balogun, with the player's medical set to take place this weekend.
The 22-year-old enjoyed a breakthrough campaign in senior football while on loan from the Emirates Stadium at Reims last season, scoring 21 goals in 37 Ligue 1 appearances for Will Still's side.
Balogun also had an eventful term on the international stage, pledging his allegiance to USA, before making his debut for the Stars and Stripes in June against fierce rivals Mexico.
The forward is set to leave North London having played in just 10 games for the Gunners, scoring twice during a two-and-a-half-year spell on the fringes of the club's first team.
According to Italian journalist Fabrizio Romano, Arsenal and Monaco have agreed a deal for the permanent transfer of Balogun to Ligue 1 in the closing stages of the summer window.
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The report claims that Rouges et Blancs will pay a €40m (£34.3m) package - including add-ons - for the former Middlesbrough loanee, as Adi Hutter's side look to pose Paris Saint-Germain a serious threat at the top of the division this term.
It is understood that Balogun is scheduled to complete the relevant medical tests in France this weekend, and should all be well, the striker's arrival at the club will be confirmed.
Mikel Arteta's men have reportedly included a hefty sell-on clause in the deal for the forward, meaning that the North Londoners will be in line for a significant windfall should the player move on in the future.
It was suggested earlier this month that Arsenal's London rivals Chelsea could enter the race for Balogun, with some reports claiming that the Blues made contact with the Gunners over a potential deal.
Tottenham Hotspur have also been credited with an interest in the USA international over the past fortnight, with the Lilywhites looking to bolster their forward line following the departure of Harry Kane to Bayern Munich.
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Despite suitors emerging from England, Balogun is set to return to Ligue 1, in which he only finished behind Kylian Mbappe, Alexandre Lacazette and Jonathan David in the 2022-23 Golden Boot race.
The 22-year-old will hope to form a lethal partnership with Frenchman Wissam Ben Yedder in Monaco's attack, with Switzerland international Breel Embolo sidelined until next year due to a cruciate ligament injury.
Hutter's men are currently top of the Ligue 1 standings, having earned seven points from their first three matches against Clermont, Strasbourg and Nantes.
Balogun could make his debut for the club when they host Lens at Stade Louis II on September 2, when Monaco will be looking to extend their unbeaten start to four matches.
