Arsenal reject 40 million euro bid from Monaco for striker

Arsenal have told Monaco that they need to up their most recent bid for USA international striker Folarin Balogun, as the Principality side's most recent offer of 40 million euros was rejected. It is understood that Balogun may be allowed to leave for closer to 50 million euros with a large sell on clause.

Having impressed many French clubs during last season's loan spell at Reims, Balogun is in high demand in Ligue 1 and Monaco are said to be the player's first choice should he return to France.

That being said, Arsenal want to balance the books having spent big this summer on Kai Havertz, the injured Jurrien Timber and Declan Rice, and Balogun is the obvious candidate for a sale. 

Balogun scored 21 goals in 37 games for Reims and recently made his debut for the United States, with two caps and a goal to his name so far.

Monaco are expected to make yet another bid for Balogun next week as they are keen to wrap up a deal well before the end of the transfer window.