United States international Folarin Balogun has completed a permanent move to French club AC Monaco from Arsenal, the Premier League club have announced.
The PA news agency understands the deal for the 22-year-old United States forward is worth 40million euro (£34.3m). It is also understood that Arsenal will benefit from a sell-on clause, which has been set at 17.5 per cent.
Ligue Un outfit Monaco meanwhile have revealed that their new signing has penned a five-year contract until June 2028.
Balogun joined the Gunners aged 10 and developed through the club’s academy before signing a first professional contract in February 2019 and made his senior debut in the Europa League the following year.
In January 2022, Balogun joined Sky Bet Championship side Middlesbrough on loan and he spent last season in Ligue 1 at Reims, where he scored 21 goals.
A club statement from the Gunners read: “We thank Folarin for his contribution to Arsenal, through our Academy into the first team, and wish him the best of health and happiness in his new chapter at Monaco.”
Earlier this summer, Balogun confirmed that he “won’t go on loan again” after his impressive spell at Reims during the 2022/23 campaign.
“I’m not sure [about] the discussions that are going to take place,” Balogun said. “I’m not sure what’s going to happen. But I’m just committed to now; I try to stay present. I obviously want to enjoy the moment with my team and my family.
“What I can say is that I definitely won’t go on loan again. Contractually I have to go back [to Arsenal ]. Because the loan was only for one year so that was always the agreement. But I’m not sure what is going to happen in the future.
“A lot could happen in football, a lot could change, and it just depends on the conversations we have between me and the club in the summer, and we’ll see what happens. There’s no door that’s closed.”
Former Premier League attacker Gabby Agbonlahor recently called on Arsenal to accept “great money” for Balogun, who was linked with Inter Milan prior to his move to Monaco.
“I would also look to leave if I was Balogun,” Agbonlahor told Football Insider.
“He’s got Gabriel Jesus and Eddie Nketiah in front of him, meaning that his gametime will be very limited.
“Inter Milan is a team that play two upfront, which Arsenal do not do as the Italian side play a 3-5-2 formation.
“He can look at it and create a strong partnership with Lautaro Martinez, so if I’m him, I’m really getting that move pushed through because it is great money as well for Arsenal to receive.”