Arsenal turn away Monaco bid for Balogun

Arsenal have rejected a formal bid for striker Folarin Balogun, report 'The Athletic', as the English club received an offer from French side Monaco for the 22-year-old.
The outlet writes that the written bid followed a verbal proposal made at the Emirates Cup friendly that the two sides played at the start of August, but the rejection is unlikely to end the Ligue 1 side's pursuit.
It's not clear how much was offered, but it's known that the Gunners value the American international in the region of £50 million, and have already turned away offers for less.
Serie A side Inter Milan have already seen a bid rejected, and although they are in serious need of a striker following the departures of Edin Dzeko and Romelu Lukaku, they may not have the financial power to make Arsenal an offer they would consider.
Monaco are after a striker after Swiss international Breel Embolo ruptured his ACL in training and is likely to be out of action for "several months". Balogun is interested in leaving Emirates as he's hunting for more game time, and should he be convinced by the Monaco project, he may push the Gunners to facilitate his exit.