Arsenal close to £38m deal, with one more incoming on the cards: report

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Arsenal are looking to complete a record sale, with another signing still on the radar even after spending £200m

Arsenal manager Mikel Arteta speaks to Sky Sports prior to the Premier League match between Newcastle United and Arsenal FC at St. James Park on May 07, 2023 in Newcastle upon Tyne, England.
(Image credit: David Price/Arsenal FC via Getty Images)

Arsenal are on the verge of tying up a £38 million transfer in what will be a record-breaking sale for the club.

The north Londoners started the season with a flurry of buys, bringing in Declan Rice for a club-record £105m, along with Kai Havertz from Chelsea and Jurrien Timber from Ajax. Brentford goalkeeper David Raya was next through the door to replace the outgoing Matt Turner on a loan with the option to purchase next summer.

But sales have been harder to come by for Mikel Arteta, with Turner joining Auston Trusty, Pablo Mari and Granit Xhaka in the outgoing list from the first team. Having recouped around £40m from these deals though, Arsenal could almost double this figure with one more sale. 

Matt Turner

Matt Turner is one of four senior players to depart Arsenal this summer on permanent deals (Image credit: Getty)

Fabrice Hawkins of RMC Sport says that Monaco are closing in on the £38m capture of Hale End product, Folarin Balogun. 

The Evening Standard have claimed that bitter north London foes Tottenham enquired about the star, Football Transfers claimed that Chelsea agreed terms though a fee a wasn't agreed and according to The Mail, West Ham contacted the Gunners over a move.

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Balogun scored 21 goals on loan at Reims last season but is looking for first-team minutes, given that there are four senior strikers above him in the pecking order. Despite this competition up front, however, Arteta may yet buy yet another forward.

football.london have suggested that West Ham-bound Mohammed Kudus's move could be hijacked as Arsenal look for depth behind Bukayo Saka on the right wing – though cover for Timber might be necessary this season.

Folarin Balogun #26 of Arsenal FC looks on during the MLS All-Star Skills Challenge between Arsenal FC and MLS All-Stars at Audi Field on July 18, 2023 in Washington, DC.

Folarin Balogun is poised to leave Arsenal permanently  (Image credit: Tim Nwachukwu/Getty Images)

The Dutchman suffered a devastating ACL injury on his home debut against Nottingham Forest and is expected to be sidelined for most of the season.

Balogun is valued at €30m by Transfermarkt. 

More Arsenal stories

Arsenal transfer news is coming thick and fast as we enter the final few weeks of the summer window.

The Gunners are reportedly willing to offer two players to Inter Milan in exchange for Nicolo Barella – Ivan Toney has been touted, while Albert Sambi Lokonga and Gabriel are targets for rivals. Arsenal are also said to have made an audacious approach for one of Barcelona’s most exciting young talents.

In FourFourTwo's Season Preview, we ask whether Arsenal are truly back, following last season's title challenge.

Mark White
Mark White
Content Editor

Mark White is the Digital Content Editor at FourFourTwo. During his time on the brand, Mark has written three cover features on Mikel Arteta, Martin Odegaard and the Invincibles, and has written pieces on subjects ranging from Sir Bobby Robson’s time at Barcelona to the career of Robinho. An encyclopedia of football trivia and collector of shirts, he first joined the team back in 2020 as a staff writer.