AS Monaco are in negotiations with Arsenal for 22-year-old Folarin Balogun.

The Ligue 1 side offered £40m for the USA internationl which was rejected by the North Londoners. 

Arsenal value the academy graduate at £50m and are refusing to budge for the striker who lit up the French top flight last term, while on loan to Reims. 

Bitter rivals Spurs are said to be interested but the Gunners will not sell to the club at the other end of the Seven Sisters Road unless a far larger portion of the £95m they received from Bayern Munich for Harry Kane, is offered. 

Previous suitors RB Leipzig and Inter Milan have now dropped out of the bidding. 

Balogun plundered 21 goals in Ligue 1, putting himself on the radar of some of Europe's elite clubs.