French giants Monaco have seen a transfer bid for Folarin Balogun rejected by Arsenal.

The United States centre forward is a key target for several European clubs this summer.

Balogun is also wanted by Inter Milan, but Monaco are hoping to steal a march in the race for his signature.

Per The Mail, the French side's bid is a lot lower than Arsenal's £50 million valuation of the player.

However, the two clubs will continue talks, with Arsenal's sporting director Edu and Monaco's counterpart Thiago Scuro negotiating.

The Gunners are eager to sell Balogun, as they want to raise funds after a massive summer spending spree.