Arsenal striker Folarin Balogun is undergoing his medical with Monaco today.

As reported by Fabrizio Romano, Arsenal forward Folarin Balogun will take a huge step towards completing his move to Monaco today by undergoing his medical with the French club.

Monaco are set to pay €40 million to Arsenal for Balogun, which equates to around £34 million. The Gunners will also retain a sell on clause as part of the deal.

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Arsenal were keen to cash in on Balogun this summer. The USA international was not in Mikel Arteta’s plans at the Emirates Stadium, with Gabriel Jesus, Eddie Nketiah, and Kai Havertz ahead of him in the pecking order.

What’s more, Balogun’s stock was at an all time high this summer. The 22-year-old striker hit a hot streak of form last season, whilst on loan with Reims in Ligue 1. Balogun bagged 22 goals for the club, and Monaco will be hoping that he can maintain that momentum when he returns to French football this season as a member of their squad.

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Mixed emotions for Arsenal over Balogun exit

Whilst Arsenal will be pleased to have secured a decent fee for the New York-born attacker, they haven’t had their initial asking price of £50 million met. This will be a major frustration for sporting director Edu who must do all he can via player sales to recoup some of the money that the Gunners shelled out for Declan Rice, Jurrien Timber, and Havertz this summer.

There is a silver lining for the north London club, though, in the form of their sell on clause. If Balogun excels at Monaco and develops into one of the top strikers in Europe, as he has the potential to do, then he will likely be on the move again for a huge fee. At that point, Arsenal stand to benefit handsomely.

Arsenal will be hoping the £32,000-a-week striker impresses enough at Monaco to fetch a high price in future, but doesn’t improve so much as to make the Gunners regret letting him go in the first place.

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