Folarin Balogun has completed his transfer to French club Monaco from Arsenal.
The PA news agency understands that the deal for the 22-year-old US striker is worth 40 million euros (£34.3 million) and also includes a 17.5 percent sell clause.
Monaco have confirmed that Balogun has signed a five-year contract until June 2028.
FOLARIN BALOGUN RED-WHITE pic.twitter.com/2MoxQXICNu
— AS Monaco EN (@AS_Monaco_EN) August 30, 2023
Balogun joined the Gunners at the age of 10 and developed in the club’s academy before signing his first professional contract in February 2019 before making his Europa League debut the following year.
In January 2022, Balogun joined Sky Bet Championship Middlesbrough on loan, and spent last season in Ligue 1 at Reims, where he scored 21 goals.
A club statement from the Gunners said: “We thank Folarin for his contribution to Arsenal, through our Academy to the first team, and wish him health and happiness in his new chapter at Monaco.”