Balogun’s impressive form last season on loan at Reims has attracted the attention of several clubs across Europe.
He is not part of Mikel Arteta’s plans and Arsenal have been open to selling him to turn a profit on an academy product.
Several Premier League clubs have been keeping tabs on him with Fulham believed to be interested in signing him.
However, Balogun is set to return to France and according to Italian journalist Rudy Galetti, Monaco are finalising the details of a deal with Arsenal at the moment.
The forward is on the cusp of leaving the Gunners and moving to the Principality club in the ongoing window.
The two clubs are discussing the final details and he is already booked for a medical with Monaco.
Balogun is waiting for the green light to travel to Monaco and he could complete the move in the next 48 hours.