Balogun joins AS Monaco

Arsenal have sold Folarin Balogun to Monaco for a fee of around 49 million euros, with a further 5 million euros in add-ons and an additional 25 percent sell-on clause. The United States international had been linked with moves to West Ham and Chelsea, but ultimately wanted a return to France after an impressive spell last season on loan at Ligue 1 side Reims.

The player has signed a long-term deal with Monaco. A statement on the French club's website read: "AS Monaco are delighted to announce the arrival of striker Folarin Balogun from Arsenal. The 22-year-old American international has signed a five-season deal and is now tied to Monaco until June 2028."

After 21 goals in 37 games for Reims, Balogun has caught the eye as one of Europe's hottest young attacking prospects and his transfer fee will help to cover the outlay spent on Declan Rice, Jurrien Timber and others this summer.

It is understood that Balogun will earn around 100,000 euros a week under the terms of his deal, and will be immediately available for Monaco's game against Lens this upcoming weekend.