Arsenal close to record sale as Folarin Balogun's move to Monaco approaches

Folarin Balogun, pictured playing for Arsenal in a pre-season friendly against the MLS All-Stars team, scored 21 goals in the 37th league. 1 match on loan at Reims last season Photo: Getty Images/Tim Nwachukwu

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

Monaco has been leading the race for Balogun in recent weeks, and now both teams are discussing the final details of the transfer of the 22-year-old striker.

Monaco is leading the race for Balogun.

The total cost has not yet been determined, but France has reported that Monaco is willing to pay around £39m for the US international.

Arsenal's current record sale is £35m, which they received from Liverpool for Alex Oxlade-Chamberlain in the summer of 2017.

Earlier this week, Telegraph Sport reported that Arsenal had been hard at work finding moves for secondary members of Mikel Arteta's first team. In terms of market value, Balogun is the most valuable of these players.

The academy graduate's reputation has skyrocketed following an impressive season on loan in France last year, where he scored 21 goals in 37 Ligue 1 appearances for the team. Reims.

Another player close to leaving Arsenal is left-back Kieran Tierney, who is on the verge of joining Real Sociedad on loan.

As the Telegraph reported earlier this month, Sociedad are ready to offer the Scotland international a season-long contract.

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

It was hoped that Tierney would receive a significant transfer fee this summer, but despite interest from Newcastle United and Aston Villa, a move to another Premier League club did not take place.

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

Arsenal have raised around £44m this summer through sell and sell clauses if add-ons are included, while they have spent over £200m on income. .

Arsenal's ability to secure fees for their minor players in the coming days will determine if they can make any more signings this summer. Arteta said they are considering signing a new defender after Jurien Timber, whose summer player signed from Ajax, suffered a serious knee injury.