Balogun is on loan at French side Stade de Reims and has scored 17 goals in Ligue 1 this season.
Only Jonathan David and Kylian Mbappe can better that tally, while no player aged 21 or under has scored more goals in Europe's top five leagues this season.
Arsenal are closely monitoring Balogun's progress, with loan manager Ben Knapper feeding reports into manager Mikel Arteta and sporting director Edu. The Gunners are braced for summer interest in the striker as they weigh up their options.
Arsenal may elect to integrate Balogun into the squad, but there will be a temptation to cash in on him now while his stock is high. The 21-year-old will have just two years left on his contract this summer.
Balogun can play anywhere across the forward line, which makes him an attractive option, however his departure would allow Arsenal to target a more physical striker. The club have scouted players in that mould recently, tracking Dominic Calvert-Lewin, Dusan Vlahovic, Tammy Abraham and Victor Osimhen.
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