Balogun is valued at £34 million by Arsenal.

According to the Mirror, Arsenal has set a £34 million price tag for Folarin Balogun following interest from Serie A clubs.

Balogun impressed during a loan spell with Championship club Middlesbrough last season and has continued to shine this season with Ligue 1 club Reims.

He has ten goals in the French first division and is joint-third in the scoring tally, just three behind Kylian Mbappe, who leads.

According to Gazzetta dello Sport, his goalscoring exploits with Reims have piqued the interest of a number of Italian clubs, with Arsenal putting a £34m price tag on his head.

Balogun has made ten appearances for Arsenal’s senior team and scored two goals.

The 21-year-old only penned a new long-term deal with Arsenal in 2021 – a contract that is set to run for another two-and-a-half years.

Born in the United States to Nigerian parents and raised in England, Balogun is eligible to represent all three nations at international level.

After playing for England at the U-17 level and appearing in the 2018 UEFA European U-17 Championship, he accepted a call up from the United States U-18 national team in August 2018 for a training camp and a tournament in the Czech Republic.

Balogun played in all four of the United States’ games in the Václav Ježek Youth Tournament and scored twice.

In October last year, He expressed interest in playing for the Super Eagles of Nigeria.

“I haven’t heard anything from Nigeria, but I’m open to anything because Nigeria is very close to my heart,” Balogun told BBC.

“My family’s from there. I always have love for Nigeria. That’s a conversation that I need to have with people around me, my agent, and obviously my family.

“But if I was asked about the opportunity to play for Nigeria, then I can have that conversation. But first I need to be asked.”