However, it is believed the Blues have not made an official offer for Balogun.
Balogun spent last season on loan at Ligue 1 side Stade Reims.
He scored 22 goals and provided three assists in 39 games across competitions for the French club.
The American striker didn’t feature in the Gunners’ pre-season and is now expected to leave the Emirates this summer.
Monaco remains in talks with Arsenal over Balogun and are expected to go back in with an improved offer, as the Premier League club is insisting on their £50m valuation.
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