Everton have reached an agreement with AS Monaco for Folarin Balogun, with the deal understood to be worth around £40m.
The Toffees have agreed a €45m fixed fee plus €5m in add-ons, with a sell-on clause also included in the agreement.
Negotiations are now continuing over personal terms, with the player understood to be particularly keen to sign for Everton.
Everton have been pushing hard to bring Balogun to the club as David Moyes looks to reshape his attacking options ahead of the transfer deadline.
Everton agree £40m Balogun deal
The agreement with Monaco represents a significant investment from Everton in a striker who has already established himself in European football.
Everton agree deal in region of £40m with AS Monaco for Folarin Balogun. As per @FabrizioRomano https://t.co/nGTShcGHPw
— paul joyce (@_pauljoyce) August 31, 2026
The reported package consists of €45m guaranteed, with a further €5m potentially payable in add-ons, while Monaco have also secured a sell-on clause.
That puts the overall package at around £40m, although the exact sterling value will depend on the exchange rate and how the add-ons are structured.
The club-to-club agreement is a major step forward, but the deal is not yet complete.
Personal terms still need to be finalised with Balogun before the American international can complete his move to the Hill Dickinson Stadium.
🚨🔵 EXCL: Everton reach club to club agreement with AS Monaco for Folarin Balogun.
€45m fixed fee, €5m add-ons and sell-on clause too agreed with #EFC, Monaco are ready to sell.
Negotiations ongoing tonight on personal terms; final key step to get it done. pic.twitter.com/XWGJwfFPmf
— Fabrizio Romano (@FabrizioRomano) August 31, 2026
Reports earlier on Monday had indicated that Everton were in talks with Monaco over the 25-year-old, with the negotiations subsequently accelerating considerably.
Reuters has subsequently reported that Everton are closing in on the signing, with Balogun expected to replace Beto, who is set to move to Fiorentina.
Balogun set to replace Beto
Everton have simultaneously been finalising Beto’s departure to Fiorentina, with the Portuguese striker expected to complete a move worth around £15m.
That has created both space and funds for Moyes to bring in another striker.
Balogun would provide a very different profile to Beto, offering Everton a forward who has Premier League experience from his time with Arsenal as well as an impressive record in France.
The striker joined Monaco from Arsenal in 2023 and has since established himself as an important member of their squad.
Reuters reports that Balogun has scored 31 goals in 91 appearances for Monaco across three seasons.
He was also named Monaco’s Player of the Season for 2025/26.
A major deadline-day move for Everton
The potential arrival of Balogun could prove to be one of Everton’s biggest moves of the summer.
A deal worth around £40m represents a substantial commitment to a player who is still only 25, particularly when compared with some of the other experienced targets Everton have been pursuing.
It also demonstrates the extent to which Everton’s transfer strategy has changed during the final days of the window.
The club are attempting to reshape Moyes’ attack, with Beto heading out and Balogun potentially coming in, while Everton have also been heavily linked with a return for Richarlison.
The Richarlison situation could now become particularly interesting given the size of the investment required for Balogun.
For now, however, the priority is clear.
Everton and Monaco have agreed the transfer. Personal terms are the remaining hurdle.
If those negotiations can be completed, Balogun will become the latest major addition to Moyes’ Everton squad – and a £40m statement of intent ahead of the transfer deadline.