The highly-rated Arsenal academy graduate has become an attractive striker option for various European clubs this summer.
Balogun is seeking first-team football, but Gabriel Jesus is likely to remain Mikel Arteta’s clear first-choice striker for the upcoming season.
After impressing with Reims in the recently-concluded season, Balogun is attracting interest from big clubs including Champions League finalists Inter.
According to Italian sports daily Gazzetta dello Sport, the Nerazzurri have made an enquiry to acquire Balogun on loan, however, the north Londoners are only willing to sell him.
It has also been claimed that Arsenal are looking to receive a transfer fee of around €40m for the USA international.
Balogun enjoyed his breakout senior season on loan in France with Reims, where he scored 22 goals and created three more for his teammates in 39 appearances for the French outfit.
It remains to be seen if the San Siro outfit will make a meaningful approach for Balogun in the ongoing summer transfer window.