Arsenal have turned down an offer from Monaco to sign Inter Milan target Folarin Balogun.

This according to UK news outlet The Athletic, who report that the Gunners have rejected an initial verbal proposal from the Ligue 1 team, and that they value the 22-year-old US international striker at around £50 million.

Balogun is a player whose future looks to be away from Arsenal this summer.

The 22-year-old enjoyed an exceptional season out on loan with Reims last campaign.

However, Balogun will have to guarantee of a starting place for the Gunners last season. The presence of attacking options like Gabriel Jesus, Eddie Nketiah, and summer arrival Kai Havertz ensures that.

Therefore, a transfer away looks likely for Balogun, who has made clear that he wants playing time.

Inter look to be one of the American’s major suitors.

Reports suggest that the Nerazzurri have made Balogun a priority target in attack after their pursuit of Gianluca Scamacca fell through.

Moreover, the 22-year-old has reportedly pushed for a move to Inter. This has included one or two hints about his wishes on social media.

However, there are questions about whether Inter can meet Arsenal’s financial demands.

Monaco Join Inter Milan In The Race To Sign Folarin Balogun – Arsenal Reject First Offer

Inter are also not the only club who want to sign Balogun this summer.

Perhaps given the US international’s outstanding campaign with Reims last season, it is not surprising that the transfer interest seems to be concentrated in France.

Ligue 1 Champions League new boys Lens have already reportedly come forward. They want to sign Balogun to replace Lois Openda.

And according to The Athletic, Monaco are joining them in the race.

The Monagasque club reportedly want to sign Balogun as injury cover for Breel Embolo, who’ll miss a significant chunk of next season.

Monaco reportedly made an initial verbal offer during a recent friendly match against Arsenal.

However, the Gunners rejected that bid.

The Athletic report that the Premier League runners-up are still holding out for a very high fee of £50 million. That would work out to around €58 million.

Meanwhile, Inter reportedly want to do a deal for Balogun for under €40 million.