Balogun joins the French Ligue 1 side for £34m and has signed a five-year contract.
The 22-year-old United States of America international spent the 2022/2023 season on loan at French Ligue 1 side Reims, where he emerged as one of the league’s highest scorers with 21 goals from 34 games. Only Jonathan David, Alexandre Lacazette and Kylian Mbappe scored more than Balogun in the French top flight last season.
Balogun came through the Arsenal youth ranks but made just two top flight appearances for the Gunners and also spent the second half of the 2021/2022 season on loan at Middlesbrough.
With competition for places in the Arsenal frontline getting keener, Mikel Arteta has elected to cash in on the former England U-21 international.
A club statement from the Gunners read: “We thank Folarin for his contribution to Arsenal, through our Academy into the first team, and wish him the best of health and happiness in his new chapter at Monaco.”
