12 August 2026·By [Paul Vegas](/author/paul-vegas)
Tottenham have opened talks with Monaco over a €60 million deal for Folarin Balogun, three years after Arsenal sold the striker to the Ligue 1 club.
According to _L'Equipe_, discussions between the two clubs have progressed beyond the informal soundings made by intermediaries earlier in the window, with Tottenham keen to add firepower to Roberto De Zerbi's forward line before the market closes.
Balogun joined Arsenal's academy as a child and made just a handful of senior appearances for the club before being sent out on loan to Reims, where he scored 22 goals in the 2022-23 season and forced his way into Europe's transfer conversation.
Arsenal cashed in that summer, selling him to Monaco for a fee of €40 million, inserting a 17.5 per cent sell-on clause that would hand them a significant windfall should the striker move again.
That clause looks set to be triggered, with the 25-year-old having scored 19 goals in 45 appearances for Monaco last season and further enhanced his reputation with a World Cup campaign for the United States that included three goals in four matches.
Monaco head coach Filipe Luis has made clear he wants to keep hold of his forward, though he acknowledged after a pre-season win over Getafe that offers were inevitable given the scale of Balogun's recent form.
Balogun, now represented by agent Jorge Mendes, is understood to feel he still has unfinished business in England after making just 10 senior appearances for Arsenal before his move to France. Newcastle have also been credited with an interest, but Tottenham are understood to have taken the lead in the race, with Monaco reportedly willing to negotiate given the financial breathing room a sale would provide elsewhere in their squad. His contract in the Principality runs until June 2028, giving Monaco some leverage over the pace of any deal.
Should the transfer go through at the reported valuation, Arsenal's sell-on clause would deliver a substantial secondary fee, an unexpected boost from a player they let leave for a fraction of his current value.
Balogun's route back to English football, if completed, would also close a curious circle: the striker who could barely dislodge Arsenal's forward line before his move to France returning to the Premier League as one of its most sought-after strikers, valued at close to twice the fee Arsenal accepted for him in 2023.