AS Monaco and Arsenal have reached an agreement over a deal for Folarin Balogun, according to RMC Sport journalist Fabrice Hawkins.
The Ligue 1 club will pay the Gunners €45 million, including add-ons, with the United States international striker set to be handed a five-year deal.
While there are still a few details to be sorted out, all parties involved are confident that the deal will go through.
Balogun spent last term in the French top-flight league with Reims, bagging 22 goals, and it appears that he is close to securing a permanent return to the country.
Monaco have already had a bid rejected but could finally be getting their man as they look to bolster their attack.
The 22-year-old was linked with Crystal Palace, Chelsea and Tottenham Hotspur, but Arsenal were unwilling to do business with a Premier League rival.
Inter Milan also registered an interest in Balogun but have moved on to other targets as the Gunners insisted suitors had to pay €58m (€50m) to land him.
It appears the North London club have agreed that nobody is willing to meet their initial demands, and getting €45m for their academy graduate is still good business.
Balogun has not been included in the matchday squad for Arsenal so far this season as he is not in the plans of manager Mikel Arteta, with Gabriel Jesus and Eddie Nketiah ahead of him in the pecking order.
Kai Havertz and Leandro Trossard can also lead the line for the Gunners, and selling the American has been the plan since he returned from loan.
The North London club could look to make additional signings this summer having snapped up four players, but they want to raise funds by selling unwanted players first, and getting €45m for Balogun will come in handy as they look to boost their coffers.