The 19-year-old striker has turned down offers of a new deal from Arsenal and is considering leaving the club in the summer.
Arsenal have not given up hope of convincing the youngster to stay but for the moment, no deal has been agreed between the player’s representatives and the club.
As many as 15 clubs have shown an interest in signing Balogun and he has been heavily linked with a move away from Arsenal.
But it has been claimed that the list has been whittled down to only three serious contenders who want to sign him up on a pre-contractual agreement.
Balogun is keenly assessing the offers on his table and he could still decide to sign a new contract and stay at Arsenal.
However, he is expected to make a decision over the course of the next two weeks.
The youngster is a highly rated talent at Arsenal and has impressed in cameos in the Europa League, but has only played 13 minutes domestically.
