The French side have a vacant spot to fill in their attack following the departure of Hugo Ekitike to Ligue 1 champions Paris Saint-Germain.
Reims have zeroed in on Arsenal man Balogun as their preferred striker target and have initiated contact with the north London giants over a move for him.
Balogun spent the latter half of last season at Championship outfit Middlesbrough on a temporary basis and is expected to not play a key role at Arsenal under Mikel Arteta this term.
Les rouges et Blancs remain keen on snapping up Balogun but are yet to make a breakthrough in their talks with the Gunners for his services.
Reims are hoping they can sign the 21-year-old on a temporary basis for at least this season.
Even if the French side do get a deal over the line for Balogun, Arsenal are expected to not agree to any type of clauses that would enable them to make the move permanent.
Balogun has struggled to earn game time on a regular basis since being promoted to the first team set-up at the club while his current deal at the Emirates Stadium runs through until the summer of 2025.