Arsenal close in on record sale as Folarin Balogun’s move to Monaco edges closer

Arsenal are close to reaching a full agreement with Monaco over the departure of Folarin Balogun, in a deal that could represent a record sale for the Premier League club.

Monaco have been leading the race for Balogun in recent weeks and the two teams are now in the process of negotiating the last details on a transfer for the 22-year-old forward.

The total price has yet to be finalised but it has been reported in France that Monaco are ready to pay around £39 million for the United States international.

Arsenal’s current record sale is the £35 million they received from Liverpool for Alex Oxlade-Chamberlain in the summer of 2017.

Telegraph Sport reported earlier this week that Arsenal were working hard to find moves for the fringe members of Mikel Arteta’s first-team squad. In terms of market value, Balogun is the most valuable of those players.

The academy graduate’s reputation has soared since an impressive season on loan in France last year, where he scored 21 goals in 37 Ligue 1 appearances for Reims.

Another player who is closing in on an exit from Arsenal is left-back Kieran Tierney, who is on the brink of joining Real Sociedad on loan.

As reported by Telegraph Sport earlier this month, Sociedad are prepared to offer a season-long deal for the Scotland international.

Sociedad finished fourth in last season’s La Liga, securing qualification for the Champions League for the first time in a decade.

It had been hoped that Tierney would command a significant transfer fee this summer but, despite interest from Newcastle United and Aston Villa, a move to another Premier League club has not materialised.

With the transfer window drawing to a close, the likes of Rob Holding, Nuno Tavares, Albert Sambi Lokonga, Nicolas Pépé and Cédric Soares are also available for sale.

Arsenal have so far raised around £44 million through sales and sell-on clauses this summer, if add-ons are included, while they have spent more than £200 million on incomings.

Arsenal’s ability to generate fees for their fringe players in the coming days will determine whether they are able to make any more signings this summer. Arteta has said they are considering whether to make a move for a new defender after Jurrien Timber, their summer signing from Ajax, suffered a serious knee injury.